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Cochin Shipyard pays dividend to the govt for the tenth consecutive year

Cochin Shipyard Ltd (CSL), a schedule B Miniratna PSU under the Ministry of Shipping, paid a dividend of Rs 122.34 crore to the government of India on August 21.

 After the Initial Public Offering of equity shares of CSL, the government holds 75 per cent in the equity share capital of the company. The balance 25 per cent is held by the general public. The company is paying dividend for the tenth consecutive year, highlighted a release.

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. In addition, the yard has also contributed Rs 357.49 crore to the exchequer by way of Value Added Tax, Income Tax, CST, Customs Duty, Service Tax, GST and Dividend Tax during 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 downturn in shipbuilding industry, Cochin Shipyard achieved an all-time high turnover of Rs 2,355.12 crore for 2017-18 as compared to Rs 2,058.87 crore in 2016-17. It also recorded an all-time high profit after tax of Rs 396.75 crore as compared to Rs 321.55 crore for the previous year, the Company release said.

 

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