CapitalMarket.com - ABG Shipyard elated on new order
Hot Pursuit Monday, June 12, 2006 12:24 Hrs IST

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ABG Shipyard elated on new order

ABG Shipyard rose 2%, to Rs 234.30 on securing order from Vroon Offshore BV of The Netherlands.

A total of 23,079 shares were traded on the BSE.

The stock had declined sharply over the past few weeks in a weak market. From a recent high of Rs 403.30 on 29 April, the stock had retreated to Rs 303.15 on 25 May. From here, the stock appreciated in the next three trading sessions to Rs 323.80 on 30 May, on announcement of strong results. Thereafter, the stock dropped to close at Rs 229.50 on 9 June 2006 in a weak market.

ABG Shipyard has secured an order for construction of a unit along with an option of 78 M LOA diving support vessel. The vessel will cost Euro 16.59 million and the option Euro 16.54 million.

In Indian currency, the order from one confirmed vessel amounts to Rs 98 crore. The aggregate of the orders in hand with the company amounts to about Rs 2,300 crore.

The company had reported 154% rise in net profit, to Rs 30.92 crore for Q4 March 2006 when compared with Rs 12.19 crore in Q4 March 2005. Total income from operations rose by 57%, to Rs 192.78 crore from Rs 123.14 crore.

For FY 2006 (year ended 31 March 2006), ABG Shipyard net profit surged 87%, to Rs 83.68 crore when compared with Rs 44.75 crore for FY 2005. Total income from operations was Rs 541.74 crore for FY06 when compared with Rs 376.64 crore in FY05.

ABG Shipyard is the largest private sector shipyard in India. At present, it has a capacity of 1,20,000 dead weight tonne and the yard plans to add two to three ships more to this capacity.

In mid-April 2006, the company had announced that it had an order book of over Rs 2,200 crore.

Early this month, ABG Shipyard had bagged an order from the Indian Coast Guard for construction of 11 interceptor boats, each for a price of Rs 17.63 crore, aggregating to Rs 193.94 crore. The 11 vessels will be delivered at an interval of 3 months each, beginning October 2007 and ending in May 2010.

In mid-April, ABG had bagged a repeat order from Sea Tankers Management Co for construction of anchor handling tugs valued at Rs 270 crore.

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