Tata Iron and Steel Company Ltd (Tisco) has closed the financial year 1999-2000 with a 50 per cent jump in profit after tax (PAT) at Rs 422.59 crore over Rs 282.23 crore recorded the previous year.
The board has declared an interim dividend of 40 per cent for the year.
The steel major also registered a 10 per cent increase in turnover from the previous year's Rs 6,274.64 crore to Rs 6,890.87 crore of the current year.
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According to a company press release, the performance during the last quarter of the year was strong, with the increased output from the hot-strip mill meeting the seasonally high demand when international prices were buoyant compared to earlier in the year.
Tisco posted a 47 per cent increase in earnings per share from Rs 7.67 to Rs 11.26. Sales increased nine per cent to 3,210,156 tonne over 2,949,109 tonne in the previous year, the export turnover registering a 16 per cent increase from Rs 636.19 crore to Rs 740.15 crore.
The sale transaction of the company's cement division to Lafarge India Ltd was completed on October 31, 1999. Tata Steel incurred a profit of Rs 125.26 crore from the sale of net assets of the cement division.
The company posted a disposable profit of Rs 403.09 crore over Rs 323.79 crore in the previous period.
The annual general meeting of the company is scheduled on July 20, 2000. The company during the year issued cumulative redeemable preference shares of Rs 100 each amounting to Rs 150 crore on September 10, 1999.
The shares are redeemable at par at the end of the fifth year from the deemed date of allotment, which is September 10, 1999.
The preference shares carry a put/call option, exercisable by either party at the end of third year from the deemed date of allotment.