The Hindu Business Line : Nalco net rises 110%

The Orissa-based National Aluminium Company (Nalco) has achieved 110.22 per cent increase in net profit to Rs 595 crore for the second quarter ended September 30, against Rs 283.04 crore recorded in the corresponding period last year.

According to the unaudited financial results for the three-month period of the financial year 2006-07 taken on record in the Board of Directors meeting held in New Delhi on Monday, the sales turnover of the company increased to Rs 1,582.65 crore from Rs 1,149.98 crore during the same quarter in the previous year.

For the first half of the current fiscal 2006-07, the company achieved a net profit of Rs 1,217.30 crore, representing an increase of 116 per cent over the previous period figure of Rs 563.60 crore. Similarly, the sales turnover increased to Rs 3,203.47 crore from Rs 2,221.68 crore in the previous period.

The company has also reported improved production of aluminium in the six-month period, which has increased to 180,087 tonnes from 178,097 tonnes in the previous period.

Dividend rise

Meanwhile, the company declared higher dividend of 50 per cent, including 20 per cent interim dividend paid during February, as compared to 40 per cent in the previous year.

The final dividend cheque for Rs 168.45 crore on 87.15 per cent shares held by the Central Government on a total paid-up capital of Rs 644.31 crore was handed over to Mr Sis Ram Ola, Union Minister of Mines, by Mr C.R. Pradhan, company's Chairman-cum-Managing Director in-charge, in New Delhi.

The balance amount of final dividend has been sent to over 53,000 shareholders constituting 12.85 per cent of paid-up capital.

Nalco is among select profit making PSUs which has been recording consistent performance in production and profitability. During 2005-06, the company achieved its highest ever aluminium metal sale of 3,53,841 tonnes against 3,38,527 tonnes in the previous year.

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