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Dredging Corporation of India Limited profits take a beating
The Dredging Corporation of India Limited (DCIL) has registered less profits in 2016-17 compared to previous year. The company earned Rs 7.12 crore profits after tax in 2016-17 compared to Rs 43 crore in the previous year. The company’s earnings per share has drastically fell from Rs 28 in 2015-16 to Rs 2.54 in the 2016-17 fiscal.
Visakhapatnam: The Dredging Corporation of India Limited (DCIL) has registered less profits in 2016-17 compared to previous year. The company earned Rs 7.12 crore profits after tax in 2016-17 compared to Rs 43 crore in the previous year. The company’s earnings per share has drastically fell from Rs 28 in 2015-16 to Rs 2.54 in the 2016-17 fiscal.
This is the lowest earnings of the company since its inception. The DCIL was established in 1976 to provide integrated dredging services to the ports. DCIL is a listed company and the shares are presently being traded at around Rs 600 per share against the face value of Rs 10 per share.
The company’s 41 annual general meeting was held on Thursday chaired by its Chairman and Managing Director Rajesh Tripathi. The AGM announced financial progress report of the company in the meeting. The operational income of the company is Rs 58 crore compared to Rs 66 crore in the previous year.
The other income is Rs 1.38 crore as compared to Rs 1. 53 crore in the previous year. The total income for the year is
Rs 59 crore compared to Rs 68 crore for the previous year, CMD Rajesh Tripathi said in the meeting and the shareholders approved the financial results for 2016-17.
The company said that the inland cutter suction dredger named as DCI-GANGA has been inducted into the fleet this year. The vessel has been put into operation at the dredging project being carried out at Puducherry. This is the first inland fleet being inducted into the fleet in the recent times.
The company has secured the dredging contract at Haldia/Kolkata Port for five years from January 1, 2017 on a tender basis. The company also caters to the maintenance of dredging requirements of other major ports and Indian Navy. During the year under review, maintenance dredging contracts were executed for Kolkata Port, Cochin Port Trust, Cochin Shipyard, RGPPL-Dabhol and NST and its approaches of VPT. The company had spent Rs 1.78 crore towards CSR activities which is more than the target of Rs1.25 crore fixed by the government.
