The Hindu Business Line : Goa Shipyard posts Rs 70-cr net

Panaji, Aug. 28 Goa Shipyard Ltd (GSL) has declared a dividend of 50 per cent for the fiscal year 2007-08 compared with 28 per cent in the previous year.

The announcement was made at the end of the 42nd annual general meeting held at Vasco-da-Gama. During the year, the company achieved a record value of production of Rs 317.21 crore compared with Rs 267.07 crore in the previous year, a growth of 19 per cent.

The company earned a profit before tax of Rs 106.93 crore compared with Rs 66.05 crore last year, while the net profit after tax stood at Rs 69.97 crore against Rs 40.69 crore in the previous year.

“This fiscal year has also been a year of recognition for GSL with the company winning Defence Ministry’s award for “Best Performing Shipyard” for the financial year 2006-07, said the Chairman and Managing Director of GSL, RAdm A.K. Handa. The award has come to GSL for the second consecutive time.

Mr Handa said, “In terms of the parameters laid down in the MoU for the year 2007-08 by the Defence Ministry, the company is expected to be rated excellent in its performance this year also.”

With a healthy order book position of Rs 3,470 crore, the company is confident of achieving the production target of Rs 425.76 crore for the fiscal year 2008-09 with optimum capacity utilisation, he said.Mr Handa described the “diversification initiatives in construction of GRP boats as a major break-through” in the shipyard’s efforts. “It is equally edifying that work on setting up Shore Bases Training Facility on turnkey basis for Indian Navy’s LCA (N) is being implemented ahead of schedule,” he added.

To meet future challenges and remain competitive, GSL has embarked upon a planned modernisation project to augment its infrastructure and facilities.

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