Steel Minister Reviews Performance of MOIL
New Delhi, October 17: The Union Minister of Steel, Shri Beni Prasad Verma has reviewed the performance of MOIL Limited, a PSU under the Ministry of Steel for the first half of the financial year 2012-13 here today. The Secretary, Ministry of Steel, Shri D.R.S. Chaudhary was also present on the occasion. Shri K. J. Singh Chairman-cum-Managing Director made a presentation on the performance of the company.
Shri Beni Prasad Verma directed the company to increase production of manganese ore to cater to the growing needs of steel industry. He expressed interest in the expansion and diversification plans like deepening and sinking of vertical shaft and sinking of second vertical shaft at some of the company’s mines. The Minister advised MOIL to look for acquisition of mines abroad to increase both production and turnover.
During the first half of the year 2012-13, the production of manganese ore increased by 3.69% over the corresponding period in the previous year. Sales Turnover of the company increased by 3.27% over the corresponding period last year. During April-September, 2012, the Profit After Tax decreased by 3.69% compared to last year. The shortfall in profit is due to fall in international prices of manganese ore.
The company has spent Rs.2.34 crores during April-September, 2012 towards Corporate Social Responsibility against a budget provision of Rs.9.50 crores for the year 2012-13.
MOIL also presented the final dividend of Rs.36.07 crore for the year 2011-12 to the Hon’ble Minister of Steel. With this MOIL paid a total dividend of Rs.60.11 Crore at 50% of the paid up capital.
Shri Beni Prasad Verma directed the company to increase production of manganese ore to cater to the growing needs of steel industry. He expressed interest in the expansion and diversification plans like deepening and sinking of vertical shaft and sinking of second vertical shaft at some of the company’s mines. The Minister advised MOIL to look for acquisition of mines abroad to increase both production and turnover.
During the first half of the year 2012-13, the production of manganese ore increased by 3.69% over the corresponding period in the previous year. Sales Turnover of the company increased by 3.27% over the corresponding period last year. During April-September, 2012, the Profit After Tax decreased by 3.69% compared to last year. The shortfall in profit is due to fall in international prices of manganese ore.
The company has spent Rs.2.34 crores during April-September, 2012 towards Corporate Social Responsibility against a budget provision of Rs.9.50 crores for the year 2012-13.
MOIL also presented the final dividend of Rs.36.07 crore for the year 2011-12 to the Hon’ble Minister of Steel. With this MOIL paid a total dividend of Rs.60.11 Crore at 50% of the paid up capital.
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