Cochin Shipyard hands over 17 crore to government towards divident

Saturday, Oct 11, 2014,17:58 IST By metrovaartha A A A

Cochin Shipyard Limited (CSL), a Schedule B Miniratna PSU under the Ministry of Shipping, paid a dividend of Rs 16.99 crore to Government of India in Kochi today.
The Company was paying dividend for the sixth consecutive year.
The dividend cheque was handed over to Union Minister for Shipping Nitin Gadkari by CSL CMD Cmde K Subramaniam, in the presence of Union Shipping Secretary Vishwapati Trivedi and other top officials, a release said.
The dividend is of Rs 1.5 per Equity Share on the 11,32,80,000 fully paid equity shares of Rs 10 each, it said adding that in addition to that the yard had also contributed Rs 162.10 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 2013-14.
The performance of Cochin Shipyard had been consistently impressive in the last several years despite a very challenging business environment in the Shipbuilding / Ship repair and Shipping scenario.
The Cochin Shipyard’s turnover had increased five fold from Rs 373 crore in 2005-06 to Rs 1637 crore in 2013-14. Likewise the Net Profits have more than doubled during the period from Rs 94 crore to Rs. 194 crores. Considering the sluggish market, CSL performed creditably by posting an increase of five per cent , both in turnover which increased from Rs 1554 crore in 2012-13 to Rs 1637 Crore this year and in net profit which was up from Rs 185 Crore in 2012-13 to Rs 194 Crore this year.