BS Reporter / Chennai
Chennai-based public sector enterprise, Neyveli Lignite Corporation Ltd (NLC) posted a 1400 per cent in net profit to Rs 384.68 crore in fourth quarter of 2007-08 from Rs 26.40 crore in the comparable quarter of 2006-07. Surge in the profit is due to increase in the lignite production during 2007-08, which was low in the previous quarter due to rain.
In the last quarter of previous fiscal company's total income increased by 78 per cent to Rs 1,013.9 crore as compared to Rs 567.46. NLC's total expenditure grew by 31.07 per cent to Rs 555.43 crore from Rs 423.78 crore.
NLC's profit after tax for 2007-08 increased to Rs 1101.57 crore from Rs 566.78 crore in 2006-07, an increase of 94 per cent. Total income during the year increased by 34 per cent to Rs 3,638.07 crore from Rs 2,705.19 crore in 2006-07.
NLC's Board Of Directors announced 20 per cent dividend for 2007-08 that would result in a fund outflow of Rs 335.54 crore.
Speaking to reporters J N Prasanna Kumar, director – finance, NLC said that the Ministry of Coal approved NLC to set up a 1000 MW power plant in Tuticorn at an investment of Rs 4,900 crore.
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