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Dredging Corp Q2 net profit at Rs 18.59 cr

Press Trust of India  |  New Delhi 

of (DCI) today reported a net profit of Rs 18.59 crore for the quarter ended September 30, 2017.

The company had incurred a net loss of Rs 14.37 crore for the corresponding quarter of the last fiscal, it said in a filing.

Its total was almost stagnant at Rs 162.75 crore during the quarter under review as against Rs 163.78 crore in the corresponding quarter of the previous fiscal.

Total expenses, however, decreased to Rs 143.66 crore in the quarter as against Rs 177.36 crore in the year-ago quarter.

The earlier this month had approved the sale of its entire 73.47 per cent stake in of Ltd (DCI).

The Cabinet had approved the sale of government's entire 73.47 per cent stake in the company which could fetch about Rs 1,400 crore to the exchequer.

The dredging company is under the administrative control of the shipping ministry.

It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.

A core group of secretaries on disinvestment, headed by the Cabinet Secretary, had already approved the sale of DCI.

The think tank Niti Aayog too had favoured disinvestment.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 10 2017. 17:57 IST