Nalco pays 50 pc dividend for 2005-06 to the govt

New Delhi, Oct 30 (UNI) The Orissa-based National Aluminium Company Ltd (NALCO) has declared higher dividend of 50 per cent during the year 2005-06 against 40 per cent in the previous year.

NALCO Chairman-cum-Managing Director C R Pradhan handed over the final dividend cheque for Rs 168.45 crore (30 per cent) to the Union Mines Minister, Sis Ram Ola at a function held here today.

Earlier, the company had paid an interim dividend of 20 per cent amounting to Rs 112.30 crore during February this year. The Government of India has 87.15 per cent shares in the company and a total paid up capital of Rs 644.31 crore.

In 2004-05, the company paid a dividend of 40 per cent amounting to Rs 224.60 crore. It has till date paid to the Government Rs 2031.26 crore as dividend.

NALCO is among select profit making PSUs which has been recording consistent performance in production and profitability.

During 2005-06, the company achieved highest ever aluminium metal sale of 353,841 tonnes against 338,527 tonnes in the previous year.

It also achieved highest ever net profit of Rs 1,562.20 crore compared to Rs 1,234.84 crore in the previous year and record sales turnover of Rs 5,324.16 crore surpassing the previous high of Rs 4420.14 crore.

NALCO achieved record foreign exchange earning of Rs 2,306.20 crore against Rs 2,200.25 crore in the previous year.

The company is currently implementing its phase II expansion programme involving fresh investment of Rs 4,091.51 crore. After completion of this expansion programme NALCO's aluminium capacity will increase from 3.45 lakh tonnes to 4.60 lakh tonnes.

UNI/BKS PV RK2003