CSL declares dividend for 2008-09

REGISTERS A PROFIT OF 70% OVER PREVIOUS YEAR

Cochin Shipyard Ltd (CSL), the largest shipbuilding and ship repair yard of India declared a dividend of Rs.19,66,79,000/- (Rs.19.66 Crores). The Chairman cum Managing Director of CSL, Cmde M. Jitendran presented a cheque of this amount to the Union Minister of Shipping, Shri G. K. Vasan here today. The dividend consists of Re.1 per Equity Share on the 11,32,80,000 fully paid equity shares of Rs.10 each amounting to Rs.11,32,80,000 (Rs.11.32 Crores) and Rs.70 per 11,91,420 fully paid 7% Non Cumulative Preference Shares of Rs.1,000/- each amounting to Rs.8,33,99,000/-(Rs.8.34 Crores).

Cochin Shipyard which attained Category-I Miniratna status in July 2008, achieved a landmark performance during 2008-09 with an increase of 70% in its profit after tax over previous year. Profit in 2008-09 was Rs.160.07 Crores as compared to Rs.93.85 in 2007-08. Continued profitability of the yard has resulted in an increase in net worth from Rs.429.42 Crores in 2007-08 to Rs.566.49 crores in 2008-09. The company achieved a total shipbuilding income of Rs.986 crores during 2008-09 as against Rs.582 crores during 2007-08, an increase of 70%. Ship repair turnover during the year was Rs.270 crores as compared to Rs.252 crores in the previous year.

Cochin Shipyard also redeemed two installments of Preference Share Capital amounting to Rs.40 Crores, today.

SP/AS
(Release ID :52458)