NALCO releases remaining Rs.84.22 cr dividend to union govt.

BHUBANESWAR: National Aluminium Company Ltd [NALCO], a Navratna public sector unit, has paid 50% dividend for the year 2008-09 amounting Rs 322.15 crore notwithstanding a dip in its profit bottom-line. Of the total 50% dividend, interim at 35% was paid earlier in February, 2009 and the balance final dividend at 15% has been paid this month. Together, the dividend pay-out works out to Rs.322.15 crore out of which the union government’s share is Rs.280.74 crore. Nalco chairman and managing director, A K Stivastava on Wednesday handed over the cheque of final dividend for Rs 84.22 crore to union minister of mines, B.K. Handique at New Delhi in the presence of union secretary, mines, Mrs Santha Sheela Nair and other officials. Union government holds 87.15% equity in the Company. The balance amount of Rs.41.41 crore has been disbursed to other shareholders of the Company like banks, financial institutions and individual shareholders, a company spokesman said. NALCO’s profits for the year 2008-09 took a knock with the near collapse of metal prices after the global melt down. The profits were down to Rs.1,272 crore from Rs.1,632 crore earned in the previous year even as the volumes of production and sale of its products remained almost at the same level as of previous year.