GSL achieves 19 pc growth in VoP

Panaji, Aug 28: The Public Sector Goa Shipyard Limited (GSL) had achieved the highest Value of Production (VoP) worth Rs 317.21 crore in the year 2006-07 as against Rs 267.07 crore in the previous fiscal registering 19 per cent growth. The company had also earned a profit of Rs 106.93 crore before tax as compared to Rs 66.05 crore in the last fiscal. The net profit after tax stood at Rs 69.97 crore as against Rs 40.69 crore in the previous year. The Company had declared a dividend of 50 per cent of the paid up capital for the fiscal year 2007-08 as compared to 28 per cent earlier.

This was disclosed in the 42nd Annual General Meeting (AGM) of the company held at its registered office at Vasco-da-Gama in South Goa yesterday.

The company also claimed to have achieved yet another milestone by delivering the biggest ever Advanced Offshore Patrol Vessel (AOPV) ICGS 'Sankalp' in the current fiscal. It was indigenously designed and built by the company.

In its quest for self-reliance in sophisticated shipbuilding, the company launched the sixth AOPV and the first of the new series of 90 M Offshore Patrol Vessel being built for Indian Coast Guard.

At the same time, GSL received repeat orders from Indian Navy for construction of fourth Naval Offshore Patrol Vessel and second Sail Training Ship, besides securing orders from Ministry of Home Affairs for construction and supply of GRP boats.

Significantly, the GSL had won the Defence Minister's excellence award for "Best Performing Shipyard" for the financial year 2006-07 for the second consecutive year. The award was constituted only in the year 2005-06 and GSL was declared "Best Performing Shipyard" in the very first year of inception of the award.

It may also be recalled that the GSL is the only Defence Shipyard rated "excellent" by Government of India in its performance for the year 2006-07.

Addressing the AGM, company's CMD Rear Admiral A K Handa said the GSL was expected to be rated excellent again in the current fiscal in terms of the parameters laid down in the MoU for the year 2007-08.

With a healthy order book position of Rs 3470 crore, the Company is confident of achieving the production target of Rs 425.76 crore for the current fiscal with optimum capacity utilisation as per the MoU signed by the GSL with the Government of India, he said.

In order to meet the future challenges and remain competitive in domestic as well as global market, the company has embarked upon a planned modernisation project to augment its infrastructure and facilities.

''With the expected completion of modernisation by mid 2011, the capacity of the yard would increase by about three times,'' he added.

UNI