Visakhapatnam: The Visakhapatnam-based Dredging Corporation of India (DCI) has recorded an increase in profit after tax from Rs 16.64 crore last year to Rs 44.59 crore during 2018-19.
This was disclosed on Thursday at the annual general meeting of the company held in New Delhi where the Government of India has concluded the strategic disinvestment of the DCI by way of transfer of management control and sale of whole of 73.47 per cent equity share capital to the four ports of Visakhapatnam Port Trust, Paradip Port Trust, Deendayal Port Trust and Jawaharlal Nehru Port Trust.
The company’s earnings per share for 2018-2019 are Rs. 15.92 as compared to Rs. 5.94 for the previous year.
During the year under review, maintenance dredging contracts were executed for Kolkata Port, Cochin Port Trust, Cochin Shipyard, RGPPL-Dabhol, Gangavaram Port, Mumbai, Krishnapatnam Port, Karaikal Port and New Sand
Trap and its approaches of Visakhapatnam Port Trust.
Capital Dredging Contracts were executed at Paradip Port, Mongla Port – Bangladesh, Pussur River and Muri Ganga, West Bengal.
The company has also taken steps for fulfilling its responsibility towards the society by implementing the CSR initiatives. During the year the Company has spent an amount of Rs.153.38 lakh towards CSR activities which is more than the target of Rs.77.97 lakh.