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Coal India Limited (CIL), a public sector undertaking of the Ministry of Coal & Mines has paid a dividend of Rs.181.32 crore to the Government for the year 2003-04. The dividend cheque was today presented to the Minister of State for Coal & Mines, Dr. Dasari Narayana Rao by the Chairman-cum-Managing Director of CIL, Shri Shashi Kumar. Shri Pradeep Kumar, Additional Secretary (Coal) and other senior officials of CIL and the Ministry were present on the occasion. The Minister asked Coal India to accelerate its efforts to meet the growing demand for coal through necessary technological and managerial initiatives.
Coal India, during the year 2003-04, has reported a profit before tax of Rs.4,889 crore, the highest ever marking an increase of about 70 per cent over the profit of the previous year. During the year, the sales realization of the company exceeded Rs.26,200 crore with coal production of 306.38 million tonnes which exceeded the target by 2.6 per cent and marked an increase of 5.4 per cent over the previous year.
CIL has declared a dividend of 1.6 per cent on an equity base of Rs.6,316 crore taking into account the likely substantial enhancement of payment of wages to its workmen under the National Coal Wage Act - VII which is under negotiation. It has made adequate provision for the Xth Plan projects besides modernisation of the existing mines. For the year 2003-04, the company has provided Rs.2,061.37 crore for Income Tax and Dividend Tax.
The company has reported a profit of Rs.2,347.22 crore for the first half of the current financial year. This is more than double of the last year's first half profit before tax of Rs.1,151.53 crore. Coal production for the period April - September at 142.44 million tonnes marks a growth of 6.5 per cent over the last year's production for the same period. During this period, Coal India has supplied about 10 million tonnes more coal to the power sector as compared to the last year. Coal productivity (output per man shift) has reached 2.8 tonnes, a growth of 7.3 per cent.
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