Madras Cement reports fall in net profit, India
Madras Cements reported a higher operating profit before interest, depreciation and tax at INR877.41 crore during the year ending March 31, 2010 against Rs 793.50 crore in the previous year. However, net profit marginally dropped to INR353.68 crore (INR363.52 crore) due to higher interest cost, depreciation charges and tax liability. Last year, net sales improved to INR2800.89 crore (INR2456.18 crore). The board has proposed a final dividend of fifty paise per share in addition to the interim dividend of INR1.50 per share paid. With this, total dividend will be maintained at INR2 per share absorbing INR55.76 crore inclusive of tax.
The company has decided to put up a second unit at Ariyalur in Tamil Nadu with a capacity of 2Mt. The project is to be commissioned in June 2011 boosting cement capacity from 10.49Mt to 12.49Mt. In view of the power shortage in the State, the company has also decided establish captive thermal power plants. It will invest in a 60MW plant at Ariyalur and a 25MW plant at R R Nagar. Published under Cement News
