Boom time for DCI in 2005-06

Visakhapatnam, Sep 28 (UNI) The Dredging Corporation of India (DCI) Chairman and Managing Director N K Gupta today said the financial results of DCI for 2005-2006 shows a high time for the company.

Talking to mediapersons here, he said it was a boom time for dredging globally for the last couple of years and it would last for another two to three years.

The profit before tax stood at Rs 171.83 crore against Rs 175.87 crore of previous year. The net profit after tax for 2005-06 was Rs 176.46 crore while it was Rs 113.29 crore in the previous year, which was the highest ever recorded profit, he added.

During 2005-06, DCI recorded a turnover of Rs 542.89 crore, compared to Rs 551.62 crore in the previous fiscal, Mr Gupta said and added that its operational income stood at Rs 506.90 crore this year.

The DCI had made a contribution of Rs 5.50 crore towards equity for the Special Purpose Vehicle, Sethusamudram Corporation Ltd.

Mr Gupta said the company had initiated a number of measures to maintain its market in the country like expanding its market overseas, improved quality and ugrading skills of the employees.

The DCI had placed provisional orders for chartering two more dredgers of 5,000 cubic metres hopper capacity through trans chart after establishing the technical suitability of the vessels, he added.

He said discussions were on with companies in Bahrain for formulating joint ventures to carry out dredging operations in Middle East countries.

DCI was also looking for identification of joint venture partners in major capital dredging projects in the country. Efforts were on to obtain ISO certification, he added.

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