The Hindu Business Line : Dredging Corp declares 150% dividend

Visakhapatnam, Sept. 29 Dredging Corporation of India has declared a dividend of 150 per cent, for the second time, including interim dividend of 60 per cent paid in February, for 2006-07, involving an amount of Rs 48.64 crore, according to a press release issued here. It includes dividend tax of Rs 6.64 crore.

The decision was announced in New Delhi on Friday at the annual general meeting, adds the release.

In 2005-06 also, the corporation paid 150 per cent, with a total outgo of Rs 47.89 crore inclusive of dividend tax of Rs 5.89 crore.

As much as Rs 18.9 crore was transferred to general reserve during 2006-2007.

During the year, DCI recorded a turnover of Rs 622.09 crore compared with Rs 542.89 crore during the previous year. It included operational income of Rs 572.89 crore and the other income consisted mainly of interest on fixed deposits. The profit before tax was Rs 206.39 crore and the net profit was the highest-ever at Rs 188.73 crore. The earnings per share during the year rose to Rs 67.40 against Rs 63.02 in 2005-06.

During the year, the corporation also carried out maintenance dredging at Kolkata/Haldia, New Mangalore, Paradip, Visakhapatnam, JNPT, Cochin port, Southern Naval Command, Kochi, and also capital dredging at the Sethusamudram project site.

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