The state-run Dredging Corporation of India (DCI) Monday reported a net loss of Rs 79.16 crore for the second quarter ended September 30, 2018 on account of higher expenses and decline in income.
The company had clocked a net profit of Rs 18.59 crore for the corresponding quarter of the last fiscal, it said in a BSE filing.
Its total income dipped to Rs 149.44 crore during the September quarter under review as against Rs 162.75 crore in the corresponding quarter of the previous fiscal.
Total expenses increased to Rs 228.18 crore in the July-September quarter as against Rs 143.66 crore in the year-ago period.
Meanwhile, the government last week approved the strategic sale of its stake in Dredging Corporation of India to a consortium of four ports. The government currently holds 73.44 per cent in Dredging Corporation of India Ltd (DCIL).
"CCEA has given in principle approval for strategic disinvestment of 100 per cent Government of India's share in DCIL to consortium of 4 ports, namely Vishakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust," the government had said last week.
The approval will further facilitate the linkage of dredging activities with the ports, keeping in view the role of the DCIL in expansion of dredging activity in the country as well as potential diversification of ports into third party dredging.
Shares of Dredging Corporation of India were trading at Rs 372.30, down 2.83 per cent over its previous closing price on BSE.
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