Business Daily from THE HINDU group of publications
Tuesday, May 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, May 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Minerals Web Extras - Dividend Announcement Price hike helps NMDC post 43% rise in Q4 net Our Bureau Hyderabad, May 19 Aided by a hike in prices, the public sector mining major NMDC Ltd has registered a 43 per cent increase in net profit to Rs 1,016 crore for the fourth quarter ended March 31, 2008 as against Rs 711.01 crore in the corresponding previous quarter. Net sales for the quarter under review increased 38per cent to Rs 1,894.51 crore (Rs 1,368.18 crore). The company ascribed two main reasons for the performance. “The first was the increase in production despite the logistical problems in the movement of ore by railways and second due to the hike in prices,” an official spokesperson told Business Line. NMDC had hiked prices across all grades of iron ore by 47.5 per cent to Rs 1,783 per tonne from October 2007. Before the price hike, it used to sell the ore with 64 per cent iron content at Rs 1,209 per tonne. The company in a release said that it has registered a net profit of Rs 3,250.98 crore (Rs 2, 320.21 crore) for 2007-08, a 40 per cent growth over the corresponding period a year ago. NMDC’s net sales for 2007-08 fiscal registered an increase of 36per cent to Rs 5,711.31 crore (Rs 4,185.84 crore). “The company has declared a final dividend of Rs 214.09 crore in addition to the interim dividends of Rs 437.44 crore already paid, totalling to Rs 651.53 crore for 2007-08. The final dividend recommended by the Board works out to 54 per cent on post-bonus shareholding basis,” it added.
The release said that lump plus fine ore production increased 10 per cent to 298.16 lakh tonnes as compared with 271.77 lakh tonnes in the previous year. The total excavation was up 9 per cent to 399.19 lakh tonnes as against 367.14 lakh tonnes in 2006-07. The company achieved a record domestic sale of 244.06 lakh tonnes of iron ore as against the previous year’s sale of 223.28 lakh tonnes, a 9 per cent increase. Total export of iron ore during the year was 37.78 lakh tonnes as against 32.61 lakh tonnes in the previous year, an increase of 16 per cent including low grade ore, the release said. NMDC bonus issue, stock split NMDC Q1 profit rises 30% NMDC plans integrated steel plant, foray into coal mining, power More Stories on : Minerals | Dividend Announcement
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