Good show by DCI as profits go up

A file photo of sand being pumped out by a DCI dredger as part of beach nourishment in Visakhapatnam.

A file photo of sand being pumped out by a DCI dredger as part of beach nourishment in Visakhapatnam.   | Photo Credit: K_R_DEEPAK

No impact of disinvestment plan on its performance

The launching of disinvestment process and the employees’ sagging morale due to fear of insecurity notwithstanding, the Dredging Corporation of India has recorded more than double net profit after tax (PAT) during 2017-18 compared to the previous year.

At the board meeting held on Monday, the company put its turnover during the year under review at ₹612.12 crore compared to ₹598.97 crore during 2016-17.

The PAT for 2017-18 recorded more than double jump to ₹16.64 crore from ₹7.12 crore during 2016-17.

After clearing the strategic sale decision by the Niti Aayog and the Department of Investment and Public Assets Management (DIPAM), the Ministry of Shipping appointed transaction advisors.

This was preceded by the Union Cabinet’s decision for selling way 100% equity in the category-I mini ratna scheduled-I company.

At present, government holds 73.47% equity with the disinvestment for the remaining equity completed in phases in the past few years.

The board has recommended a dividend at 20% per equity share of ₹10 each i.e ₹2 per equity share for the year 2017-18 .