MOIL pays Rs 16.25 cr dividend to Govt for 2005-06

New Delhi, Nov 17 (UNI) The Maharashtra based public sector Manganese Ore (India) Ltd (MOIL) under the administrative control of Steel Ministry today paid Rs 16.25 crore dividend to the Government of India for the year 2005-06.

The dividend cheque of Rs 16.25 crore was handed over to the Steel Minister Ram Vilas Paswan by the Chairman and Managing Director of MOIL, Krishan Lal Mehrotra at a function held here.

The company has made a profit of Rs 114.52 crore after tax during the year and approved 130 per cent total dividend of Rs 19.92 crore.

Earlier the company paid an interim dividend of Rs 10 crore (80 per cent) to the Government in March, this year.

Secretary Steel R S Pandey and A K Rath, Addl Secretary were also present at the function.

The Minister said the company has been consistently showing excellent performance for the past several years. During the year 2005-06, it produced 8.65 lakh tonnes manganese ore, 1301 tonnes of Electrolytic Manganese Dioxide and 6170 tonnes of Ferro Manganese.

Total sales during the year was to the tune of Rs 334.10 crore.

The company earned a profit before tax of Rs 169 crore registering an increase of 273 per cent compared to 2003-04.

During the first half of this financial year, the company has produced 4.16 lakh tonnes of manganese ore with an increase of 14 per cent against the same period of the previous year. The production of Electrolytic Manganese Dioxide and Ferro Manganese was 632 tonnes and 4960 tonnes registering an increase of 222 per cent and 78 per cent respectively.

The total sales during the period was Rs 185.58 crore with an increase of 21 per cent as compared to the first half of the previous year. It has earned a profit before tax of Rs 75.99 crore and profit after tax of Rs 50.41 crore during the period.

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