DCI turnover up, dividend at 150%

Visakhapatnam, Oct 1, (UNI) The Dredging Corporation of India (DCI) Limited recorded a turnover of Rs 622.09 crore during 2006-07 compared to Rs 542.89 crore in the previous year.

According to DCI sources, this includes operational income of Rs 572.89 crore compared to Rs 506.90 crore of the previous year.

The other income comprises mainly of interest on fixed deposits.

The profit before tax was Rs 206.39 crore (Rs 171.83 crore) and the net profit after tax Rs 188.73 crore (Rs 176.46 crore), which was the highest ever recorded.

As a result, DCI's earnings per share for 2006-07 stood at Rs 67.40 (Rs 63.02).

DCI declared a record dividend of 150 per cent for the second time on a paid up share capital, including interim dividend of 60 per cent paid on February 23, 2007, involving an amount of Rs 48.64 crore, including Dividend Tax of Rs 6.64 crore for 2006-07.

As on March 31, 2007, the DCI had made a contribution of Rs 14.50 crore, towards equity for the Special Purpose Vehicle, Sethusamudram Corporation Ltd.

Taking into account of market demand for the next ten years, long term acquisition programme had been initiated In order to meet immediate market demand and to augment the capacities to the extent possible, DCI proposed to charter dredgers through Trans Chart.

As on date two chartered dredgers of varying capacities were in operation.

UNI