The Hindu Business Line : CSL pays Rs 8.33-cr dividend; foresees high value orders

COCHIN Shipyard Ltd has paid a dividend of Rs 8.33 crore on its preference share capital for 2004-05. The company has a profit before tax of Rs 16.86 crore.

The Union Shipping Minister, Mr T.R. Baalu accepted the dividend cheque from Commodore M. Jitendran, Chairman and Managing Director of CSL, a press statement issued here said.

The yard secured shipbuilding order worth Rs 900 crore from international buyers in the past three years, as also major repair orders.

The yard has continuously made profits in the past decade and wiped off the entire accumulated loss of Rs 181 crore in 2001-02. The yard undertook several proactive measures to stay internationally competitive such as improved productivity and cost control.

Its shipbuilding achievement during 2004-05 was 62,517 DWT, against the MOU target of 62,500 DWT. Other achievements during the year included timely delivery of three fire-fighting tugs to ATCO, Saudi Arabia, and completion of hull docks for Mazagon Docks Ltd. Three more fire-fighting tugs for ATCO have since been delivered and the first bulk carrier for Clipper, Denmark, has been launched. The company commenced fabrication of the first Air Defence Ship in April this year. The contract for exports order for the construction of four platform supply ships for Seatankers Management Group, Norway, was signed in February.

CSL could achieve a repair turnover of Rs 148.01 crore for 2004-05. Some important ships repaired during the year included the Naval Aircraft Carrier INS Viraat and INS Krishna, MT Abdul Kalam Azad, CV Raman, Somnath Sharma of the SCI, and offshore supply vessel Sindhu-5 of ONGC. The company recently secured orders for repair of three oilrigs — Sagar Vijay, Sagar Bushan and Kiran. The first rig is expected to arrive at the yard by December. CSL bagged these high value orders amid stiff competition from foreign yards.

The company plans to shortly set up a separate small-craft division within the yard to simultaneously build commercial ships along with the Indian aircraft carrier.

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