Cochin Shipyard Ltd has registered an impressive growth in its financial performance in the last fiscal, as the company's turnover has increased four times from Rs 373 crore in 2005-2006 to Rs 1,426 crore in 2010-11.

The profit before tax during the same period increased by 14 times from Rs 25 crore to Rs 346 crore (Rs 331crore in 2009-2010) and the net profit by 13 times from Rs 18 crore to Rs 228 crore (Rs 223 crore in 2009-2010).

Cochin Shipyard, the leading ship building and ship repair yard in India, has declared and paid a dividend of Rs 16.87 crore for the year 2010-11.

The dividend consists of Re 1 for an equity share on the 11,32,80,000 fully-paid equity shares of Rs 10 each amounting to Rs 11.32 crore and Rs 70/7,91,432 fully-paid seven per cent non-cumulative preference share of Rs 1,000 each amounting to Rs 5.54crore.

The dividend cheque was handed over to the Union Shipping Minister, Mr G.K.Vasan, by Commodore K. Subramaniam, Chairman and Managing Director.

This is the third consecutive year that the company is paying dividend to the Union Government.

The yard has also contributed handsomely to the Exchequer in 2010-11 by way of value added tax, income tax, fringe benefit tax, excise duty, customs duty and service tax amounting to Rs 110 crore, a statement issued here said.

Deliveries

Presently, CSL has 34 ships on order consisting of 20 Fast Patrol Vessels for Coast Guards, 13 Offshore Supply Vessels for Foreign Owners and one ‘Aircraft Carrier' for Indian Navy. The approximate value of orders in hand is Rs 3500 crore, excluding the Aircraft Carrier.

In the current year, CSL delivered a Platform Supply Vessel for Norwegian owners.

This is the first time in India, that such a high technology Offshore Vessel, clean design, diesel electric propulsion conforming to comfy class, have been constructed and delivered as per the exacting quality standards of the Norwegian owners.

Another three ships, of similar design, are slated for delivery in the next three months all for Norwegian owners.

Besides, the yard is constructing six ships for Shipping Corporation of India, the first of this series is slated for delivery in mid-September and three more is scheduled for delivery in this fiscal.

The yard has also commenced work on four offshore support vessels for Norwegian Owners based at Cyprus.

On the Defence front, the construction of 20 fast patrol vessels has commenced and the steel for the first vessel is expected to be cut in October.

The first vessel is due for delivery to the Coast Guard in September/October 2012.

The company is making all out effort to launch the ‘Indigenous Aircraft Carrier' by December.

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