Cochin Shipyard pays dividend to the Government for the Tenth consecutive year

Kochi: Cochin Shipyard Limited (CSL), a Schedule B Miniratna PSU under the Ministry of Shipping, paid a dividend of Rs. 122.34 crores to ...

Kochi: Cochin Shipyard Limited (CSL), a Schedule B Miniratna PSU under the Ministry of Shipping, paid a dividend of Rs. 122.34 crores to Government of India on August 21, 2018. After the Initial Public Offer of equity shares of CSL, the Govt. of India holds 75 per cent in the equity share capital of CSL and the balance 25 per cent is held by the general public. The Company is paying dividend for the tenth consecutive year.

A dividend of Rs. 12 per Equity Share was paid on the 10,19,52,000 fully paid equity shares of Rs. 10 each held by the Government of India. In addition, the yard has also contributed Rs. 357.49 crores to the exchequer by way of Value Added Tax, Income Tax, CST, Customs Duty, Service Tax, GST and Dividend Tax during the year 2017-18.

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. In spite of the continued global down-turn in shipbuilding industry, Cochin Shipyard achieved an all time high turnover of Rs. 2355.12 crores for the year 2017-18 as compared to Rs. 2058.87 crores in the year 2016-17. Cochin Shipyard also recorded an all time high profit after tax of Rs. 396.75 crores as compared to Rs. 321.55 crores for the previous year.

-Source: News Agency