NMDC earns profit of about Rs 2,523 crore

Hyderabad, Apr 10 (UNI) Public sector National Mineral Development Corporation (NMDC) has earned a profit of about Rs 2,523 crore before tax and profit after tax of nearly Rs 1,674 crore, during the just closed financial year of 2005-06.

Company Chairman-cum-Managing Director B Ramesh Kumar, addressing a media conference here said the Corporation had registered a turnover of Rs 3,534 crore during the year, against last year's turnover of Rs 2,230 crore.

The company had paid interim dividends at the rate of 76.93 per cent and 115.40 per cent in November 2005 and February 2006 respectively, he said adding that according to the Government directives, the total dividend payable for the year would be 20 per cent of the profit after tax.

The balance dividend would be paid after the Annual General meeting, he informed. Last year, the total dividend paid was Rs 151 crore excluding dividend tax.

Mr Ramesh Kumar said NMDC had broken all previous records of the company and was set to create new records in the current financial year.

He said other record performance of the company, included excavation of iron ore of about 315 lakh tonnes, ROM of about 245 lakh tonnes, production of lump and fine ore of over 229 lakh tonnes. He explained that NMDC's performance in 2005-06, under the Memorandum of Understanding (MoU) signed by the company with the Union Ministry of Steel, qualified for 'Excellent' rating.

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