A dividend of Rs 16.99 crore By Cochin Shipyard to center

26 October 2013
Kochi

The public-sector Cochin Shipyard (CSL) has paid a dividend of Rs 16.99 crore to the Centre for the fifth time in a row.

Commodore K. Subramaniam, chairman and managing director of the shipyard, handed over the dividend cheque to Minister of Shipping G.K. Vasan.

The dividend consists of Rs 1.5 per equity share on the 11, 32, 80, 000 fully paid equity shares of Rs 10 each. In addition, the yard has also contributed Rs. 158 crore to the exchequer by way of Value Added Tax, Income Tax, Fringe Benefit Tax, Excise Duty, Customs Duty and Service Tax during 2012-13.

The performance of the shipyard had been consistently impressive in the last several years despite a challenging business environment in the shipbuilding, ship repair and shipping scenario, said an official.

The highlight of its recent performance was the launch, early this year, of the first indigenously-built aircraft carrier ‘Vikrant’.

The Cochin Shipyard is one of the very few shipyards in the world with a presence in a number of segments of maritime industry like defence, commercial shipbuilding, commercial ship repair and marine engineering training.

The shipyard’s turnover has increased five-fold from Rs 373 crore in 2005-06 to Rs 1,554 crore in 2012-13. The net profit doubled during the period from Rs 94 crore to Rs 185 crore.

Source– http://www.thehindu.com

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