The Hindu Business Line : Cochin Shipyard posts Rs 58-cr PAT in 2006-07

Kochi, Sept. 12 The public sector Cochin Shipyard Ltd has achieved high performance during the financial year 2006-07 with income soaring 200 per cent and profit after tax 300 per cent as compared to 2005-06.

Commodore M. Jitendran, CMD, CSL, said in a statement that the total income of the yard for the year 2006-07 was Rs 845 crore while the profit after tax was Rs 58 crore. The annual accounts of the company were adopted at the AGM held on September 11.

The yard’s production achievement in shipbuilding during the year was 1,81,395 compared to 1,10,206 in 2005-06. The ship repair income of the company was Rs 241.53 crore in 2006-07 as compared to Rs 151.26 crore in 2005-06. During the year, CSL undertook repairs to the oil rig Trident II of Transocean Offshore Drilling Inc, Houston.

The yard’s net worth at the end of 2006-07 stood at Rs 343 crore as compared to Rs 267 crore in 2005-06. The shipbuilding order book position at the end of the year consisted of 16 ships. These include 3 bulk carriers, 12 platform supply ships and one Air Defence ship.

According to Mr Jitendran, the company’s financial performance is the reflection of the strength and competence of its workforce, which is fully trained and ready to implement more ambitious projects including the construction of the country’s first indigenous aircraft carrier. The yard has, at present, put the infrastructure of the Small Ship Division on a fast track in order to ensure that high value commercial ships are produced even during the pendency of Aircraft Defence Ship. Post expansion and implementation of SSD, CSL would be processing at least 4,000 tonnes of steel per month, the highest ever done in any shipyard in India, he said.

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Cochin Shipyard posts Rs 58-cr PAT in 2006-07