Financial Daily from THE HINDU group of publications
Wednesday, May 25, 2005
Financial Daily from THE HINDU group of publications Wednesday, May 25, 2005 |
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Corporate
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Announcements MRPL to seek board nod for maiden dividend Pratim Ranjan Bose
Kolkata , May 24 SOME 13 years after it went on stream in 1992, Mangalore Refinery and Petrochemical Ltd (MRPL) is likely to announce a maiden dividend to its shareholders for 2004-05. The decision is likely to be taken by the MRPL board at its meeting on June 6. The board was scheduled to meet on Tuesday to approve the audited financial results. The meeting, however, was postponed to June 6, as the company took a late decision to declare a dividend. While the reasons behind the late decision are not known, the sources said the company would seek the board's approval for declaring a `modest' dividend to shareholders for 2004-05. The company returned to the black, after several years, with a net profit of Rs. 459.42 crore in 2003-04 on a turnover of Rs 12,612 crore. According to the unaudited financial results declared last month, the net profit went up 85 per cent in 2004-05 to Rs 850 crore, enough to wipe out the accumulated loss of Rs 627 crore as on March 31, 2004. The turnover registered a 64 per cent increase to Rs 20,650 crore.
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