DCI Declares 30 pc Dividend to Government
Published: 01st October 2015 05:08 AM | Last Updated: 01st October 2015 05:08 AM | A+A A-
VISAKHAPATNAM : The Dredging Corporation of India (DCI) declared 30 per cent dividend to Government at its annual general meeting (AGM) held in New Delhi Wednesday. A cheque for about `6.17 crore has been handed over by DCI chairman and managing director Rajesh Tripathi to Union Shipping minister Nitin Gadkari towards the dividend during the meet.
The annual turnover of DCI has been recorded at `744 crore during the fiscal 2014-15 as against `773 crore during the previous financial year 2013-14. The target for the current year is `858 crore and till June this year, DCI has achieved `185 crore. The profit after tax was recorded at `62 crore during the last financial year against `38 crore the previous year, indicating 66 per cent increase.
The target for the current fiscal is `71 crore and the achievement till June is `11 crore.
According to a release, the quantity dredged by DCI during the year was 65 million cubic meter against 74 million cubic meter the previous year. The target for the current year is 70 million cubic meter and the achievement till June is 14 million cubic meter.
Meanwhile, the government has disinvested 5 per cent of its equity share capital which is 14 lakh shares amounting to `54 crore. During the year and after disinvestment, the government stakes has been reduced to 73.56 per cent.
DCI chairman and managing director Rajesh Tripathi said that during the past three years, the DCI acquired three trailer suction hopper dredgers of 5,500 capacity and efforts are on to acquire two more such dredgers with greater capacity. The DCI executed maintenance dredging contracts at Kandla, Kolkata, Cochin and other ports. It also executes capital dredging contracts at Visakhapatnam, Kandla and Kamarajar Port.
