Financial Daily from THE HINDU group of publications
Tuesday, Sep 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 30, 2003 |
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Shipping Dredging Corpn to pay 100 pc Our Bureau
Visakhapatnam , Sept. 29 DREDGING Corporation of India Ltd has declared 100 per cent dividend for 2002-'03 against 75 per cent the previous year, "sending the right signals to the market", according to its Chairman and Managing Director, Mr N.K Guptha. Mr Guptha, at a press meet here on Monday, said the public sector company, slated for disinvestment, had improved its performance on all counts during the year. It recorded the highest-ever income of Rs 519.52 crore compared to Rs 501.53 crore in the previous year, including operational income of Rs 492.80 crore (Rs 488.96 crore). Other income consisted mostly of interest. Profit before tax stood at Rs 188.93 crore (Rs 164.61 crore) and net proft at Rs 161.83 crore (Rs 101.55 crore). A sum of Rs 153 crore had been transferred to reserves under Section 33 AC of the IT Act; consequently, there was no taxable income for the year. DCI's earnings per share was Rs 57.79. The dividend outgo would be Rs 31.59 crore including the tax component of Rs 3.59 crore. Mr Guptha said though the dredging sector had been opened up, DCI could keep its hold on maintenance dredging, with a market share of 87 per cent. The corporation had entered into a contract with the Visakhapatnam Port Trust.
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