MOIL Presents Dividend Cheque of Rs. 24.05 Crore to Steel Minister
MOIL Limited, a Miniratna Category-I PSU under the Ministry of Steel, has declared an interim dividend of 20% for the year 2011-12. The CMD of MOIL, Shri K. J. Singh presented a cheque of Rs.24.05 crore to the Union Minister for Steel, Shri Beni Prasad Verma here today.
The Minister expressed his concern over the falling profit of the company and advised the company to improve its performance.
At present, the paid up capital of the Company is Rs.168 Crores held in the ratio of 71.57% by the Government of India, 4.62% by the Government of Maharashtra, 3.81% by the Government of Madhya Pradesh and balance 20% by Public.
The Company has been taking effective measures to improve performance and meet the domestic demand by implementation of mining projects such as deepening of existing vertical shafts and sinking of new shafts. Besides, the company has also set up Joint Venture companies with SAIL and RINL for manufacture of ferro alloys.
During the year 2011-12 (April, 2011 to Feb, 2012), the production of manganese ore was 9.47 lakh tonnes. Total Sales turnover during this period was Rs.819.38 crore (provisional). The company earned profit before tax of Rs.523.42 crore (provisional) and profit after tax of Rs.349.55 crore (provisional) during this period. In the said period the company spent more than Rs.5 crore on CSR activities.
During the financial year 2010-11, the production of manganese ore was 11.51 lakh tonnes, Total Sales turnover was Rs.1139.97 crore and the profit before tax and profit after tax was Rs.880.15 crore and Rs.588.05 crore respectively.