Business Daily from THE HINDU group of publications
Tuesday, Jul 01, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jul 01, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Cement Corporate - Bonus Announcements Markets - Stocks
Our Bureau Chennai, June 30 Madras Cements Ltd has decided to issue an equity bonus on 1:1 basis to its shareholders. At the board meeting today, the company also decided to split each of its shares to 10 shares of Re 1 each. It recommended a final dividend of Rs 10 a share, apart from a Golden Jubilee Dividend of Rs 10, taking the total dividend for the year to Rs 40. PerformanceMadras Cements has reported a 14 per cent increase in net profit for the fourth quarter ended March 31, 2008, as compared to the corresponding period in the previous year. Net sales were up 23 per cent. For the year ended March 2008 the company has reported a 32 per cent jump in net profit and 28 per cent growth in sales. The company has attributed the performance to better realisation buoyed by the growing demand, cost conservation through optimal utilisation of rail and road transport to tackle the fuel costs. It has reined in power costs through power from its wind farms and captive thermal power plants. Cement production during the year was close to 6 million tonnes (5.7 million tonnes). ExpansionThe company has added 2 million tonnes to its production capacity during January 2008 and an additional 2 million tonnes is likely to be commissioned by the year end through a new project at Ariyalur. By 2009 the company hopes to expand it annual production capacity to 11 million tonnes. The company has invested over Rs 886 crore in fixed assets and on-going projects and an additional Rs 427 crore to expand its wind mills. Its shares closed 1.5 per cent up on the NSE at Rs 2,854.30. Madras Cements Q3 net up on improved realisations More Stories on : Cement | Bonus Announcements | Stocks
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