Special Correspondent

VISAKHAPATNAM: The public sector Dredging Corporation of India (DCI) has declared a dividend of 50 per cent on the paid up share capital involving Rs.14 crores for the year 2008-09. This was announced at the general body meeting held in New Delhi on Thursday.

According to DCI Deputy General Manager (Marketing) M.S. Rao, the company which is a Mini Ratna Category-I PSU under the administrative control of the Union Ministry of Shipping, recorded a turnover of Rs.832.22 crores in the year 2008-09 compared to Rs.771.47 crores the previous year. This included operational income of Rs.685.22 crores (Rs.705.32 crores last year). The profit before tax was Rs.61.89 crores compared to Rs.150.77 crores during the previous year and the net profit for the year was Rs.46.37 crores against last year’s figure of Rs.154.82 crores.

The earning per share for the year 2008-09 was Rs.16.56 against last year’s Rs.55.29.

A sum of Rs.5 crores was transferred to general reserve during the year.

DCI’s clientele include major ports, non-major ports, Indian Navy and State Governments. During 2008-09, it executed maintenance dredging contracts at Kolkata/Haldia, Paradip, Visakhapatnam, Mormugao, New Mangalore and capital dredging for Sethusamudram Ship Channel Project and Paradip Port, the official said.

The company is set to acquire one cutter suction dredger of 2000 cu.m. solids per hour capacity which is under construction with Mazagaon Dock Ltd., in Mumbai. It would also procure trailer suction hopper dredgers and split hopper barges.