Moil Presents Rs. 54.10 Crore Dividend Cheque to the Steel Minister
The final dividend cheque of Rs. 54.10 crores was presented by Manganese Ore (India) Limited (MOIL) to the Union Minister of Steel Shri Beni Prasad Verma here today. Shri K.J. Singh, Chairman cum Managing Director of the Miniratna Category - I PSU presented the cheque to the Minister.
The Minister reviewed the performance of MOIL and expressed concern over the company’s falling profits. Encouraging the company to perform better he asked MOIL to improve its performance and aim at becoming the foremost manganese ore producer of the country.
During the year 2011-12 (April-November, 2011), the production of manganese ore was 6.42 lakh tonnes. MOIL achieved a total sales turnover of Rs. 593.45 Crores (provisional) during this period. The company earned profit before tax of Rs. 382.72 crores (provisional) and profit after tax of Rs. 255.59 crores (provisional).
MOIL declared a total dividend of 70%, out of which interim dividend of 25% has already been paid to the shareholders. Presently, the paid up capital of the company is Rs.168 Crores, 71.57% of which is held by the Government of India, 4.62% by the Government of Maharashtra, 3.81% by the Government of Madhya Pradesh and 20% by Public.
The company has been taking measures to meet the domestic demand by implementation of mining projects like deepening of existing vertical shafts and sinking of new shafts. The company has also set up joint venture companies with SAIL and RINL for manufacture of ferro alloys.
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