NMDC board recommends dividend; net dips 21% in Q4 of FY'12

KOLKATA: The board of directors of NMDC Ltd has recommended a final dividend at the rate of Rs. 2.50 per share of Re. 1/- each, in addition to the two interim dividend of Re. 1 each already paid in November, 2011 and February 2012 per share of Re. 1. NMDC's board held a meeting on May 28, 2012 to consider the company's financial results and recommnded dividend for the financial year 2011-12.

The country's largest miner posted a 21% drop in net profit to Rs 1642.28 crore for the quarter ended March 31, 2012 a dip of as compared to Rs. 2098.62 crore for the quarter ended March 31, 2011. NMDC's income also dipped to Rs 2594.58 crore in the quarter ended March 2012 against Rs 3769.75 crore in the previous corresponding period. For the full year ended March 31, 2012, NMDC posted a higher net profit of Rs 7265.39 crore for the full year 2011-12 as compared to a net profit of Rs 6499.22 crore for the year ended March 31, 2011.

The company's total income went down marginally to Rs 11261.89 crore in the quarter ended March 31, 2012 from Rs 11369.31 crore in the quarter ended March 31, 2011. The government has directed chairman of Steel Authority of India Limited, Mr C S Verma to assume charge of state owned mining major for three months with effect from May 25, 2012. end