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For the fourth consecutive year, Cochin Shipyard Ltd has paid a dividend of Rs 19.72 crore to the Government .
The dividend, consisting of Rs 16.99 crore (dividend on equity shares) and Rs 2.73 crore (dividend on preference shares) was handed over to Union Shipping Minister G. K. Vasan by Commodore K. Subramaniam, Chairman and Managing Director.
The dividend consists of Rs 1.5 for each equity share on the 11,32,80,000 fully-paid equity shares of Rs 10 each and Rs 70 for every preference share on the 3,91,420 preference shares of Rs 1,000 each.
Cochin Shipyard has also contributed Rs 110.56 crore to the exchequer by way of Value Added Tax, Income Tax, Fringe Benefit Tax, Excise Duty, Customs Duty and Service Tax during the year 2011-12.
The company’s turnover has increased fourfold, from Rs 373 crore in 2005-06 to Rs 1,404 crore in 2011-12. Similarly, there has been a ten-fold increase in profit, with the profit before tax increasing from Rs 25 crore to Rs 253 crore and the profit after tax from Rs 18 crore to Rs 172 crore in the same period.
At present, Cochin Shipyard has orders for 28 ships, consisting of mainly Platform Supply Vessels for the offshore industry, Fast Patrol Vessels for the Indian Coast Guard and the Indigenous Aircraft Carrier for the Indian Navy.
The company is planning to set up an international ship repair facility on Cochin Port Trust land, take up fabrication of offshore structures and underwater repairs to rigs and semi-submersibles, according to a company statement.
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