It is reported that the Dredging Corporation of India has declared dividend of 150% for the third time including interim dividend of 75% paid in March for 2007-08 involving an amount of INR 42 crore.

The release said that the dividend was declared at its AGM in New Delhi and a sum of INR 15.50 crore was transferred to the general reserve during the year.

During the year, the DCI recorded a turnover of INR 771.47 crore compared to INR 626.21 crore during the previous year. It included operational income of INR 705.32 crore against INR 572.89 crore for the previous year. The profit before tax was INR 150.77 crore against INR 206.39 crore in the past. The net profit for the year was INR 154.82 crore against INR 188.73 crore in the previous year. The earnings per share for 2007-08 were INR 55.29 compared to INR 67.40.

The release added that the dredging capacity available with the DCI as on March 31st was 798.50 million cubic meters. During the year, the quantity dredged under various contracts was 677.30 million cubic meters, 84.82% YoY of the capacity as compared to 95.65% YoY during the previous year.