Financial Daily from THE HINDU group of publications
Friday, Sep 30, 2005

Port Info

Group Sites

Corporate - Performance

Dredging Corpn declares 120 pc dividend

Our Bureau

Mr N.K. Guptha, CMD, Dredging Corporation of India, at a press conference in Visakhapatnam on Thursday.

Visakhapatnam , Sept. 29

DREDGING Corporation of India (DCI) has declared a dividend of 120 per cent (including interim dividend of 40 per cent) for 2004-05, amounting to Rs 38.21 crore inclusive of the dividend tax of Rs 4.61 crore, according to the Chairman and Managing Director, Mr N.K. Guptha.

He said at a press meet here that DCI had paid 120 per cent the previous year too, amounting to Rs 37.91 crore inclusive of the dividend tax of Rs 4.31 crore.

He said the dredging capacity available with DCI was 798 lakh cubic meters and during the year, the quantity dredged under various contracts was 723 lakh cubic meters, representing 91 per cent of the capacity.

Mr Guptha said there were plans to acquire two more dredgers — one No TSHD of 5,000 cu. m. hopper capacity and one number cutter suction dredger of 2,000 cu m. solids per hour pumping capacity.

Currently, DCI had 10 trailer suction dredgers and two cutter suction dredgers.

He said DCI's turnover during the year was Rs 551.62 crore against Rs 560.93 crore of the previous year. The operational income for the year was Rs 524.79 crore (Rs 520.63 crore).

The profit before tax was Rs 175.87 crore (Rs 176.46 crore) and the net profit Rs 113.29 crore (Rs 170.01 crore).

He said the net profit had slumped due to payment of corporate tax on account of discontinuance of benefit under Section 33 AC of the I-T Act and the benefit of tonnage tax not being extended to dredgers.

"However, the tonnage tax is being extended to dredgers during the current financial year and it will improve our results," he said.

DCI had engaged PricewaterhouseCoopers (PwC), New Delhi, to identify and finalise joint ventures and special purpose vehicles with leading foreign companies and two foreign companies — one in Holland and the other in Belgium — had been identified, he said.

DCI had offered VRS for the third time and 10 employees had taken the offer, he said adding there would be no necessity for further pruning of the workforce. He said DCI was participating in the Sethusamudram Project and it had been granted a stretch of the channel on nomination basis.

He said, "The rate has not been finalised yet. It will be done after receiving the tenders for the other stretches by the end of the month."

He asserted that there need be no doubts over the project and there would be no ecological damage as all precautions were being taken. It would be economically viable and it was expected to become operational by mid-2008.

He said DCI had contributed Rs 6 crore towards tsunami relief.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Share Infoline Tata Safari Dicor

Stories in this Section
Yamaha spins off new sales, marketing subsidiary

Eveready sells Chennai property for Rs 72 cr
Color Chips bags $2.5 million BKN order
Dr Reddy's in deal with Danish co for diabetes drug
OVL bags offshore block in Vietnam
J.B. Chem drug gets US nod
Natco allots shares to Jermyn
The ONGC stand-off — Should PSUs remain govt departments or behave like corporates?
Escorts may exit from more jt ventures
Fortis hopes to partner Naresh Trehan in Medicity project
Havell's India to merge Crabtree with itself
TCS sets up 4th corporate research lab in Delhi
Samkrg plans expansion
Ansaldo group co in tie-up with G.B. Engg for power plants
NTPC firms up oil exploration foray
NTPC's hydro initiative gathers steam — Projects totalling 4,400 MW on the anvil
Alfa Laval eyes India, China to source material
SPIC hopeful of revision in urea pricing mechanism
BHEL net up 45 pc, to pay 80 pc
Dredging Corpn declares 120 pc dividend
PTC reappoints T.N. Thakur as CMD
Chairman of Baldota Group passes away

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line