core sector communique

MECON Hands Over Dividend of Rs.10.98 crore to Steel Minister

MECON Limited, a PSU under the Ministry of Steel handed over a dividend cheque of `10.98 crores to the Union Minister of Steel, Shri Beni Prasad Verma here today. The Minister appreciated the company for achieving highest ever profit and advised MECON to further increase the quantum of jobs undertaken and strengthen its name as a project consultant through better delivery of projects. The premier design, engineering consultancy & EPC company recorded highest ever turnover of `643.83 crores during the year. The paid-up share capital of the company on March 31, 2012 was `90.54 crores consisting of `40.14 crores of Equity Share Capital and `50.40 crores of Preference Share Capital. Profit before Tax of MECON increased by 43% to `201.54 crores during 2011-12 against `140.93 crores achieved during the previous year. The company achieved `136.36 crores of Profit after Tax during 2011-12, registering a growth of 45.56% over the last year’s PAT of `93.68 crores. The Company declared 20% dividend on Equity Share Capital amounting to `8.03 crores, after a gap of 13 years. In addition, the Company is also paying 5% dividend on Preference Share Capital amounting to `2.95 crores. Shri K.K. Mehrotra, Chairman cum Managing Director, MECON presented the dividend cheque to the Minister. The Secretary, Ministry of Steel, Shri D.R.S. Chaudhary was also present on the occasion.