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Our Bureau

Chennai June 2 Tamil Nadu Newsprint and Papers Ltd has recommended a total dividend of Rs 4 (40 per cent) a share of Rs 10 for 2006-07.

The company has reported a 10 per cent increase in net profit for 2006-07 over the previous year.

On the company's performance, officials said that the 40 per cent drop in net profit in the fourth quarter was due to accelerated depreciation following some of the assets being discarded under the mill development plan.

Also, the corresponding quarter previously, benefited from the revenue under the clean development mechanism for the period between August 2003 and March 2006.

During 2006-07, TNPL produced 2.31 lakh tonnes of printing and writing paper against 2.30 lakh tonnes in the previous year.

The company has brought under pulp wood plantation over 10,013 acres up from 9,268 acres through farm forestry and captive plantation.

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