Hinduja TMT BoD to consider special dividend on Aug 31

New Delhi, Aug 24 (UNI) Hinduja TMT Ltd today said its board will meet on August 31 to recommend special interim dividend for the current fiscal.

''A meeting of the Board of Directors will be held on August 31, 2006, to consider declaration of a special (interim) dividend for the financial year 2006-07,'' a company statement said.

Hinduja TMT Ltd posted a profit after tax of Rs 167.05 crore for the first quarter ended June 30, where as the same was at Rs 10.54 crore for the quarter ended June 30, 2005.

However, these figures are not comparable to the corresponding previous quarter, since the company's Manila Branch commenced operations from October 1, 2005.

The company posted a net profit of Rs 40.27 crore for the year ended March 31, 2006 as compared to Rs 70.05 crore for the year ended March 31, 2005.

Last week, the company said it along with its wholly-owned subsidiary InNetwork Entertainment Ltd (INEL) has completed the sale of its stake in Hutchison Essar Ltd.

''This stake sale has encashed a lot of shareholder value in the company, which will be utilised in the best possible manner to enhance shareholder wealth creation,'' company's Executive Chairman Ashok P Hinduja said.

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