The Hindu : Andhra Pradesh News : NMDC interim dividend 231 p.c.

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Andhra Pradesh

Andhra Pradesh

NMDC interim dividend 231 p.c.

Staff Reporter

HYDERABAD: The National Mineral Development Corporation Limited (NMDC) has declared a second interim dividend of 231 per cent based on the performance of the company in the three quarters of the year 2007-08.

The second interim dividend would workout to Rs. 305.29 crore, out of which the government would receive Rs. 300.36 crore, said a press release.

This is the highest second interim dividend ever paid by NMDC. The quarterly financial results were declared at a Board Meeting held on January 30 under the chairmanship of NMDC Chairman and Managing Director Rana Som.

The turnover up to the third quarter 2007 registered an increase of 35 per cent over the corresponding period of the last year from Rs. 2,818 crore to Rs. 3,817 crore.

Profit before tax increased from Rs. 2,429 crore to Rs. 3,389 crore.

NMDC has also proposed to open new iron ore mines to serve the steel industry.

It has recently signed a joint venture agreement with Chhattisgarh Mineral Development Corporation for opening a new mine at Bailadila Deposit -13.

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