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140 p.c. final from MRF
By Our Special Correspondent
CHENNAI,
DEC. 23.
The board of MRF has recommended a final dividend of 140 per cent for 2003-04. It paid 30 per cent interim dividend twice earlier. With this, the total dividend for the year ended September 2004 works out to 200 per cent.
The company has reported a total income of Rs. 3,047.97 crores for the year ended September 2004, up from Rs. 2,607.68 crores in the previous year.
The gross profit before taxation and exception item is placed at Rs. 84.23 crores, down from Rs. 94.01crores. The company provided Rs. 41.33 crores towards additional excise duty for the period up to March 2000. Initially, the amount was allowed to be used for payment of CENVAT by the Finance Act of 2003. The Finance Act of 2004 withdrew it partly. Hence, this exceptional item of expenditure, a release from the company said.
The profit before tax and after this exceptional expenditure is placed at Rs. 42.90 crores. The provision for taxation is Rs. 14.10 crores. The net profit is placed at Rs. 28.80 crores (Rs. 117.38 crores).
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