Cochin Shipyard pays Rs 16.99 cr dividend

Our Bureau Kochi | Updated on October 12, 2014 Published on October 12, 2014

Cochin Shipyard Limited (CSL) has paid a dividend of ₹16.99 crore to the Centre. It is for the 6th consecutive year, the PSU company is paying the dividend.

The dividend cheque was handed over to Union Shipping Minister Nitin Gadkari by Chairman and Managing Director of CSL K Subramaniam.

The dividend is of ₹1.5 per equity share on the 11,32,80,000 fully paid equity shares of ₹10 each. In addition, the yard has also contributed ₹162.10 crore to the exchequer by way of VAT, Income Tax, Fringe Benefit Tax, Excise Duty, Customs Duty and Service Tax during the year 2013-14.

A statement issued here pointed out that the performance of the yard had been consistently impressive in the last several years despite a very challenging business environment in the shipbuilding/ship repair and shipping scenario.

The company’s turnover has increased five fold from ₹373 crore in 2005-06 to ₹1,637 crore in 2013-14. The net profit has more than doubled during the period from ₹94 crore to ₹194 crore.

Considering the sluggish market, the yard performed creditably by posting an increase of 5 per cent, both in turnover which increased from ₹1,554 crore in 2012-13 to ₹1,637 crore this year and in net profit which was up from ₹185 crore in 2012-13 to ₹194 crore this year.

With a net worth of ₹1,352 crore, the present book value of the company’s shares of face value of ₹10 is ₹ 121. The company is looking at enlarging its product range and is actively pursuing the construction of dredgers and LNG vessels.

Published on October 12, 2014
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