MOIL pays interim dividend to govt

Last Updated: Mon, Mar 18, 2013 11:31 hrs

New Delhi, Mar 18 (IBNS) MOIL Limited, a Miniratna Category-I PSU under the Ministry of Steel, presented an Interim dividend cheque of Rs. 24.05 crore to Union Steel Minister Beni Prasad Verma here on Monday.

The company declared 20% Interim Dividend, for the year 2012-13.

Speaking on the occasion, Verma encouraged MOIL to improve its performance even further.

He was of the view that turnover of the company should increase further.

G.P. Kundargi, Chairman-cum-Managing Director, MOIL, presented the cheque to the Minister.

Steel Secretary D.R.S. Chaudhary and other senior officials of the ministry were also present on the occasion.

During the year 2012-13 (April to December, 2012), the production of manganese ore was 8.02 Lakh tonnes which is 6.13% higher as compared to corresponding period last year.

The company achieved a total sales turnover of Rs. 700.30 Crores during the period. It earned profit before tax of Rs. 476.12 Crores and profit after tax of Rs. 321.64 Crores.

MOIL said it is taking measures to meet domestic demand of manganese ore by implementation of various mining projects such as deepening of existing vertical shafts and sinking of new shafts.

Besides, the company has also set up joint venture companies with SAIL and RINL for manufacture of ferro alloys.

As a part of its diversification plans, the company has recently submitted eight applications with the Ministry of Coal for allotment of coal blocks.

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