Dredging Corporation of India to Clear Dues to Vendors by June Quarter
The company is working to increase cash flows in the coming two to three quarters and and to pay off dues.
(Bloomberg) -- Dredging Corp. of India, the nation’s biggest dredging contractor, plans to clear dues owed to its vendors by June and improve its financial position.
The company is working to increase cash flows in the coming two to three quarters and and to pay off dues that “are of great concern to the company,” Chief Executive Officer G.Y.V. Victor said in an interview on Bloomberg TV Tuesday.
Dredging Corp. faced a petition in the National Company Law Tribunal last year after an overseas contractor sought to recover unpaid dues of 931.2 million rupees ($12.3 million), according to the Hindu Businessline newspaper.
The company is also working to expand its presence in Asia through its joint venture with Abu Dhabi-based National Marine Dredging Company, Victor said. The dredging contractor turned around in the December quarter after reporting a net profit of 290.6 million rupees against a loss of 256 million rupees a year earlier.
The company’s shares have risen more than 22% over the past year, outperforming an 8.5% advance in the benchmark S&P BSE Sensex.
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