Sesa Goa's Q4 net profit more than doubles, approves stock split
Indian iron ore exporter Sesa Goa has reported an impressive 208 percent growth in consolidated net profit at Rs.811.58 crore ($202.9 million) for the fourth quarter ended March 31, 2008 as against Rs.263.34 crore ($65.83 million) in the corresponding period a year ago.
The company, in which London-listed Vedanta Resources Group has a controlling stake, said its total income for the fourth quarter ended March 31, 2008, increased to Rs.1732.34 crore ($433.08 million) from Rs. 832.16 crore ($208.04 million) during the corresponding quarter a year earlier, a year-on-year (YoY) growth of 108 percent.
The consolidated net profit of the group for the financial year ended March 31, 2008 stood at Rs.1,541.58 crore ($385.40 million) as against Rs.646.12 crore ($161.53 million) a year earlier, a YoY growth of 139 percent. During the same period, total income grew from Rs.2263.03 crore ($565.75 million) to Rs.3897.06 crore ($974.26 million), or a YoY growth of 72 percent.
The company's Board of Directors has recommended sub-division of its equity shares of the face value of Rs.10 each to shares with face value of Re.1 each.
The board has also recommended issue of bonus shares in the proportion of one bonus share of Re.1 for every fully paid-up equity shares of Re.1 each, Sesa Goa said in a regulatory filing.
The board of directors of the company has also recommended a final dividend of Rs.30 per share (300 percent) on the existing capital in addition to interim dividend of Rs.15 per share (150 percent).
The same amount of final dividend would be payable to recipients of company's shares on approval of merger of Sesa Industries Ltd (SIL) with the company with effect from 1 April 2005, the company said.
1 crore = 10 million
US$ amounts represent convenience translations at US$1= Rs.40
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