The Hindu : Business : CSL profit goes up by 300%

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Friday, Sep 21, 2007
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CSL profit goes up by 300%

Special Correspondent

Income shows 200% increase

Kochi: Cochin Shipyard Limited (CSL) has posted yet another year of high performance with income soaring by 200 per cent and profit after tax by 300 per cent compared to 2005-06.

M. Jitendran, Chief Managing Director, CSL, commended the employees of the company for making this happen. The total income of CSL for the year 2006-07 was Rs.845 crore and the profit after tax was Rs.58 crore, Mr. Jitendran said in a press release here. The annual accounts of the company were adopted at the AGM held here last week.

The yard’s production achievement in shipbuilding during the year was 1,81,395 Dead Weight Tonnage (dwt) compared to 1,10,206 dwt in 2005-06.

The ship-repair income of the company was Rs.241.53 crore in 2006-07 as compared to Rs.151.26 crore in 2005-06. During the year, CSL undertook repairs of the oil rig Trident II of Transocean Offshore Drilling Inc, Houston.

The yard’s net-worth at the end of 2006-07 stood at Rs.343 crore as compared to Rs.267 crore in 2005-06.

CSL’s shipbuilding order-book position at the end of the year consisted of 16 ships. These include 3 Bulk Carriers, 12 Platform Supply Ships and one Air Defence Ship.

The yard is ready to implement more ambitious projects including the construction of India’s first indigenous Aircraft Carrier.

The yard has presently put developing the infrastructure of the Small Ship Division (SSD) on a fast track in order to ensure that high-value commercial ships are produced even during the pendency of the Air Defence Ship.

After expansion and implementation of the SSD, CSL would be processing at least 4000 tonnes of steel per month, the highest ever at any shipyard in India.

CSL’s Marine Engineering Training Institute has also gained the reputation of being an outstanding institution for converting mechanical engineering graduates into marine engineers.

To keep up with the market requirements, capacity of the Institute is being increased by 40 per cent.

New class rooms, library, accommodation and catering facilities have been added.

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