The Hindu : Business : Dredging Corporation pays 120 p.c.

Online edition of India's National Newspaper
Sunday, Sep 26, 2004

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Business

Dredging Corporation pays 120 p.c.

By Our Staff Reporter

VISAKHAPATNAM, SEPT. 25. The Centre-owned Dredging Corporation of India (DCI) has recorded the highest-ever income of Rs. 560.93 crores during 2003-04 as compared to Rs. 519.66 crores in the previous fiscal. It includes an operational income of Rs. 520.66 crores against Rs. 492.8 crores. Its other income consists mainly of interest and tax refunds. The net profit after tax was Rs. 170.01 crores (Rs. 161.83 crores), a growth of 5.05 per cent.

Giving the details on the audited figures, the DCI Chairman and Managing Director, N. K. Gupta, told reporters that the company's earnings per share (EPS) for 2003-04 was Rs. 60.72 against Rs. 57.79.

The company has declared the highest-ever dividend of 120 per cent on a paid-up capital involving Rs. 37.91 crores, including dividend tax of Rs. 4.31 crores for the year against 100 per cent (Rs. 31.58 crores including dividend and tax of Rs. 3.59 crores).

Joint ventures

Mr. Gupta said the corporation had appointed PricewaterhouseCoopers as their consultant for exploring the possibility of entering into joint ventures with international dredging companies. "The consultant has already received certain enquiries and sought clarifications some of the details of which we can't divulge at this juncture".

The CMD said that the corporation would undertake capital dredging projects by augmenting its fleet or forming joint ventures with leading international dredging companies.

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