The Hindu Business Line : Madras Cements net up at Rs 33.4 cr; to pay 50 pc final

The company's board recommended a final dividend of 50 per cent on each equity share (face value of Rs 10). An interim dividend of 25 per cent has already been paid.

The company's net sales in 2003-04 were Rs 695 crore (Rs 626 crore), higher by 11 per cent. In 2003-04, Madras Cements' average realisation increased Rs 50-60 a tonne, said Mr A.V. Dharmakrishnan, Senior Vice-President, Finance. The total cement despatch during the year was 37.14 lakh tonnes (35.18 lakh tonnes).

The company's interest expenditure dropped by 25 per cent in 2003-04 to Rs 49.80 crore (Rs 66.17 crore). Madras Cements had repaid Rs 100 crore of debt in 2003-04 ahead of schedule, said Mr Dharmakrishnan. He added that the trend would continue during the current year.

In the fourth quarter of 2003-04, Madras Cements registered a profit after tax of Rs 10.38 crore (Rs 6.72 crore) on net sales of Rs 192 crore (Rs 169 crore).

The company's release said that its applications to de-list from the stock exchanges in Ahmedabad, New Delhi, Kolkata and Hyderabad were being processed.