New Delhi: Dredging Corp. of India (DCI) on Friday reported a net profit of Rs18.59 crore for the quarter ended 30 September 2017.
The company had incurred a net loss of Rs14.37 crore for the corresponding quarter of the last fiscal, it said in a BSE filing.
Its total income was almost stagnant at Rs162.75 crore during the quarter under review as against Rs163.78 crore in the corresponding quarter of the previous fiscal.
Total expenses, however, decreased to Rs143.66 crore in the quarter as against Rs177.36 crore in the year-ago quarter.
The cabinet had approved the sale of government’s entire 73.47% stake in the company which could fetch about Rs1,400 crore to the exchequer. The dredging company is under the administrative control of the shipping ministry.
It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction. A core group of secretaries on disinvestment, headed by the cabinet secretary, had already approved the sale of DCI. The government think tank Niti Aayog too had favoured disinvestment.