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Shri Kishan Lal Malhotraa, Chairman and Managing Director, Manganese Ore (India) Ltd. (MOIL), a Miniratna Public Sector Enterprise under the Ministry of Steel presented a cheque of Rs. 7.5 crore to Shri Ram Vilas Paswan, Union Minister of Steel, Chemical & Fertilizers for the financial year 2004-05 here today.
On this occasion, the Minister told the MOIL officials that his main concern is to see that India becomes self-reliant in the production of manganese ore and also asked the MOIL to increase the production as well as profitability in future too.
Chairman and CMD of MOIL informed the Minister that he is going to explore the feasibility of joint venture in foreign countries, particularly in Tazikistan as its future plan.
MOIL has declared highest ever dividend of 60% for the year 2004-05. The PSE has earlier paid 20% dividend to its shareholders for the last eight years i.e. up to 1999-2000 and from 2000-01 up to 2002-03, paid a dividend of 27%, while the same for the year 2003-04 was 30%.
Similarly, the PSU has achieved the highest-ever production of 9.34 lakh tonnes as against the production of 7.99 lakh tonnes during the previous year, thus registering a growth of 18%. The highest-ever sales turnover of Rs. 324.16 crore has also been achieved against the turnover of Rs. 228.74 crore during 2003-04. The growth in turnover has been 64%. The record performance has yielded a pre-tax profit of Rs. 185.18 crore while the net profit has been Rs. 117.47 crore. The profit achieved during the year 2004-05 is the highest-ever since its inception.
SKM/NSR
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