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Cochin Shipyard reports over Rs1000 crore income

Business

Cochin Shipyard Limited (CSL) has maintained its growth and financial performance in the year 2009-10 despite the global meltdown and downturn witnessed in shipping and shipbuilding markets.

The company’s provisional unaudited results say its shipbuilding income in 2009-10 was over Rs1000 crore as compared to Rs986 crore in 2008-09. The ship repair income during the period was around Rs230 crore as compared to Rs270 crore in the previous year. The net profit for the year 2009-10 grew from Rs161 crore in 2008-09 to over Rs200 crore in 2009-10. The company said its strategy to enter international shipbuilding market had helped it to achieve unprecedented levels of performance in the past few years.
In shipbuilding, during 2009-10 the company delivered five offshore support ships to various international owners located at Norway, Germany and USA. In the first quarter of 2010-11, the company delivered another three Platform Supply Ships for international owners based at USA and Netherlands.
The prestigious IAC project is also proceeding on schedule with the company completing a large portion of hull block fabrication and erection in the building dock during 2009-10. The company is presently constructing 15 commercial ships for various international and domestic owners along with the Indigenous Aircraft Carrier for the Indian Navy.
In ship repair, over the years CSL has gained experience in undertaking high tech repair jobs on rigs, defence vessels and all types of commercial ships. The company said that 50 ships were repaired in the year 2009-10, major works among them being normal refit of INS Vraat, extended short refit of INS Tarangini, conversion of Research vessel Sindhu Sankalp, Medium refit of INS Nireekshak and short refit of INS Jyothi.
Amongst its new initiatives, Cochin Shipyard installed a bollard pull test facility upto 500 tonnes at Vizhinjam which was the first step towards geographical diversification. Presently facility of such high capacity is not available anywhere in India. The yard commissioned a Small Ship Division in the year 2009-10 for concurrent construction of small commercial ships during the pendency of the Aircraft Carrier construction. CSL is also looking for capacity expansion by way of Dry dock / Ship lift for which project study is underway.

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