The Telegraph
Since 1st March, 1999
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Nalco pays 40%, net dips

Bhubaneswar, Oct. 30: The National Aluminium Company has declared a 40 per cent dividend on a paid-up capital of Rs 644.31 crore in 2001-02, involving an outgo of Rs 257.72 crore. The company had declared a similar dividend last year.

At its 21st AGM here today, Nalco CMD C. Venkatramana said that during 2001-02, the company posted a record performance in almost all the areas of operations. Nalco’s 23,0000-tonne smelter plant at Angul crossed the rated capacity for the second year in succession, producing a record 23,1674 tonnes of aluminium, compared with 23,0516 tonnes in the previous year.

However, despite improved production and productivity, net profit after tax fell to Rs 409.35 crore from Rs 655.83 crore a year ago.

Venkatramana said the lower profit was mainly due to depressed London Metal Exchange prices at $ 1,395 per tonne, compared with the average rate of $ 1,533 per tonne in the previous year. “Profit was further reduced due to the increase in prices of all raw materials. Another factor which contributed to the lower net profit was the 10-year wage revision which put an additional burden of Rs 106.49 crore,” he said.

A total shipment of 23,1323 tonnes of metal also exceeded the previous record of 22,9505 tonnes in 2000-01. Another significant achievement was annual average operation of 479 pots, of a total of 480 pots at the smelter.

The alumina refinery recorded the highest-ever calcined alumina production of 11.13 lakh tonnes compared with last year’s 9.39 lakh tonnes. Export of alumina was also at an all-time high at 67,6120 tonnes, from 49,5723 tonnes in the previous year.

The company completed the capacity expansion of its bauxite mines from 24 lakh tonnes to 48 lakh tonnes in December 1999, while expansion of the alumina refinery from 8 lakh tonnes to 15.75 lakh tonnes was commissioned in December 2001. Another project that Nalco has successfully taken up is the manufacture of rolled products.

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