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Our Bureau

Mumbai, May 25

ABG Shipyard Ltd has reported a 153.65 per cent rise in net profit for the fourth quarter of 2005-06, to Rs 30.92 crore from Rs 12.19 crore posted during the corresponding period previous year. Net sales gained 56.55 per cent to Rs 192.78 crore (Rs 123.14 crore), an official statement said. For the fiscal 2005-06, net profit was up 86.99 per cent to Rs 83.68 crore (Rs 44.75 crore) on a 43.83 per cent growth in net sales to Rs 541.74 crore (Rs 376.64 crore).

The board has recommended a dividend of Rs 1.20 per share (12 per cent). On BSE, the company's share closed at Rs 303.15 against the previous day's close of Rs 304. According to the statement, ABG Shipyard has completed formalities for the 100 per cent acquisition of UAE-based Crossocean Ship Repair Ltd.

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