The Hindu Business Line : Phillips Carbon announces 20% dividend

Kolkata June 26 Phillips Carbon Black, a RPG Group outfit that got back to black in the year ended March, has recommended 20 per cent dividend for 2006-07.

The board of directors, which met today, proposed the dividend entailing an outgo of Rs 5.05 crore and the tax on dividend of Rs 86 lakh, a company release said.

The company did not pay any dividend for the year ended March 2006.

The stock, however, finished in the red on Tuesday. On the BSE, it closed at Rs 175.20, down by over four per cent with higher volumes than the average fortnightly traded quantity on the exchange.

The cumulative results for 2006-07, which showed a net profit of Rs 25.53 crore against net loss of Rs 15.07 crore in 2005-06, were reviewed and taken on record by the board on April 30.

The April board meeting also resolved to expand carbon black capacity by 1.25 lakh tonnes and add power generation capacity by 26 MW.

The proposed expansions would take the total carbon black capacity to 3.95 lakh tonnes and power generation capacity to 74.50 MW.

The company has taken up a greenfield project of 75,000 tonnes at Mundra in Gujarat and a brownfield project of 50,000 tonnes at Kochi.

New power generation capacity at the two places would be 14 MW and 12 MW respectively.

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