SKS Ship Net At Rs 7 Cr In FY04, Declares 1:1 Bonus

Mumbai, April 29 | Updated: Apr 30 2004, 05:30am hrs
SKS Ship Ltd (formerly Shahi Shipping) has recommended a bonus issue of 1:1 at its board meeting held here on Thursday. The record date for determining shareholders entitlement to bonus shares has been fixed as June 30, 2004.

The board also declared the fourth quarter results at the meeting. Net profit for the fourth quarter ended March 31, 2004 increased by 84.6 per cent to Rs 3.5 crore compared with Rs 1.9 lakh for the corresponding quarter last year. Net sales grew by 20.3 per cent to Rs 8.9 crore as against Rs 7.4 crore last year.

For the year ended March 31, 2004, the company posted a net profit of Rs 7.3 crore compared with Rs 3 crore last year. Net sales grew to Rs 28.4 crore from Rs 25.8 crore in the previous year.

The improved financial and operating performance is attributed to the various initiatives to reduce the operating cost, improved financial management and enhanced overall productivity, SKS Ship, chairman and managing director SK Shahi said.

The company has plans to acquire four new barges by June 2005 and commission the first phase of its dry dock unit at Alibaug in Maharashtra in May 2005.