The Hindu Business Line : Dredging Corpn declares 150% dividend

Visakhapatnam, Sept. 30 The Dredging Corporation of India (DCI) has declared dividend of 150 per cent for the third time, including interim dividend of 75 per cent paid in March, for 2007-08, involving an amount of Rs 42 crore, according to a press release.

The dividend was declared at the annual general meeting in New Delhi on Monday, said the release. A sum of Rs 15.50 crore was transferred to the general reserve during the year.

During the year, the DCI recorded a turnover of Rs 771.47 crore compared to Rs 626.21 crore during the previous year. It included operational income of Rs 705.32 crore against Rs 572.89 crore for the previous year. The profit before tax was Rs 150.77 crore against Rs 206.39 crore in the past. The net profit for the year was Rs 154.82 crore against Rs 188.73 crore in the previous year.

The earnings per share for 2007-08 was Rs 55.29 compared to Rs 67.40.

Dredging capacity

The dredging capacity available with the DCI as on March 31 was 798.50 lakh cubic meters, the same as that of the last year), added the release. During the year, the quantity dredged under various contracts was 677.30 lakh cubic meters, 84.82 per cent of the capacity, as compared to 95.65 per cent during the previous year.

During the year, contracts were executed at Kolkata/Haldia, Paradip, Visakhapatnam, Southern Naval Command, Kochi, New Mangalore, JNPT, and capital dredging for Sethusamudram Project.

As on March 31, the company made a contribution of Rs 24.50 crore towards equity for the special purpose vehicle meant for Sethusamudram project. As on date, the DCI contributed Rs 30 crore for the SPV.

Capacity augmentation

A long-term acquisition programme has been drawn up taking into account the market demand for the next decade, said the release. The DCI proposes to charter dredgers through Trans Chart. As on date, five chartered dredgers are in operation at various sites.

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