Strong ship repair income boosts CSL Q2 profit to Rs148cr

Total assets at Rs5755 cr as on Sept 30, 2018

KOCHI: The more than two-fold increase year-on-year in ship repair income at Rs337.34 crore and a decent ship building revenue of Rs462.06 crore helped Cochin Shipyard Ltd (CSL) post a net profit of Rs147.64 for the second quarter ending September 30, 2018 representing a handsome growth of 47.33 per cent compared with the same period last year.

CSL reported total revenue of Rs855.21 crore for the period under review representing 31.89 per cent increase year-on-year and close to 20 per cent sequential growth.

Moreover, the company turned in an interest income of Rs46.99 crore for the quarter compared with Rs50.87 crore on that count for the same period last year.

CSL, which is one of the largest ship-building companies in the country with a paid-up capital of Rs135.94 crore, had an asset base of Rs5755.36 crore as on September 30, 2018.

The company that came out with a public offer to divest 25 per cent of the government ownership to the public a few months back, has recently announced a share buyback scheme too.

The board of directors of the company, at its meeting held on October 16, 2018 approved the proposal for the buyback of up to 43.96 lakh equity shares aggregating 3.23 per cent of the total number of equity shares of the company at a price of Rs455 per share summing up an amount in excess of Rs200 crore, from the shareholders of the company on a proportionate basis through a tender offer.

Leave a Reply

Your email address will not be published. Required fields are marked *