Oil India declares 340 percent dividend

New Delhi, May 27 (ANI): The state-owned Oil India Limited (O.I.L.) declared a dividend of 340 percent in its fourth quarter results on Wednesday.

N. M. Borah, Chairman and Managing Director of O. I. L. announced that the declared dividend is one of the highest declared by the company so far.

"In recognition to the company's excellent performance, the board has declared that the total dividend this year around will be 340 percent, which is the highest dividend declared so far by the company. Out of this, 180 percent was already given as the interim dividend and we are declaring another 160 percent, making that 340 percent, which, as I said, has been the highest so far in the history of our company," said Borah.

The dividend payout of 340 percent was declared after the net profit rose 20.76 percent in the fiscal yearend of March, on account of a production increase, a rise in the realization price and forex earnings.

"The net profit of the company has jumped up and reached a number of 2,610 crores rupees, which implies the growth of 20.76 percent," Borah said.

O.I. L. produced 3.572 million tons of crude oil in 2009/10. There has been a growth rate of three percent in crude oil production and 6.5 percent in natural gas. (ANI)