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Cochin Shipyard posts Rs 91.15 crore profit for Jun ended 2017 qtr

Public Sector ship yard company, Cochin Shipyard Ltd has reported Rs 91.15 crore profit for June ended 2017 quarter against the profit of Rs 80.97 crore logged for June ended 2016 quarter (Year on Year).  The total revenue for the quarter under review rose to Rs 595.06 crore vis--vis the total revenue of Rs 448.18 crore recorded during year ago review quarter.  The total expenses of the company jumped to Rs 454.67 crore versus 323.74 crore.

The income from ship building is recognised on percentage of completion method, in the proportion the cost incurred for the work performed up to the reporting date bear to the estimated total contract cost, considering the physical progress or financial progress, whichever is lower.  Income from repair of ships is recognized based on proportionate completion method when proportionate performance of each ship repair activity exceeds 75%.

Subsequent to quarter ended 30 Jun 2017, the company has gone for a public issue of 3.39 crore equity shares of face value of Rs 10 each consisting of an offer for sale of 1.13 crore equity shares by government of India and a fresh issue 2.2 crore equity shares. The issue opened on 1st August 2017 and closed on 3rd August 2017 and the same was fully subscribed.  


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