Cochin Shipyard Limited (CSL) on Monday paid a dividend of Rs 16.87 crore to the Centre. The dividend cheques were handed over to shipping minister GK Vasan by CSL director (operations) and officiating chairman and managing director K Subramaniam. This is the second consecutive year that the company is paying dividend to the government. It paid a dividend of Rs 19.66 crore in 2008-09. The dividend amount is less this year as the company had redeemed preference shares amounting to Rs 40 crore in September 2009, a release said.
The yard also contributed to the national exchequer in 2009-10 by way of value-added tax, income tax, fringe benefit tax, excise duty, Customs duty and service tax amounting to Rs 148 crore. The yard was able to increase its turnover three times from Rs 373 crore in 2005-06 to Rs 1,248 crore in 2009-10. During the same period, the net profit increased 12 times from Rs 18 crore to Rs 223 crore.
CSL has delivered five offshore supply vessels to various international owners during the current year. The shipyard is also set to conclude a major contract for 20 fast patrol vessels for the Indian Coast Guard. Currently, it is constructing 15 offshore supply vessels for domestic and international owners of which four are for the Shipping Corporation of India.
