West Cost Paper Mills posts 74% jump in net profit at Rs 223 crore

Source: DHNS | Published on 25th August 2018, 6:56 PM | Coastal News |

Dandeli: West Coast Paper Mills Limited, of Dandeli, has posted a 73.72% (up Rs 94.73 crore) jump in its net profit at Rs 223.23 crore for the fiscal ended March 31, 2018 as against Rs 128.50 crore in the previous fiscal, Paper Mill Executive Director & CFO Rajendra Jain, announced.

The company’s sales, however, declined 3.34% (down Rs 68 crore) to Rs 1,710.20 crore in the fiscal ended March 31, 2018 as against Rs 1,769.34 crore during the previous year ended March 31, 2017.

Presenting the annual report at the 63rd annual general meeting of shareholders, at Shree Ranganath Hall, in Dandeli, recently, Jain said the company’s sales was lower by Rs 68 crore, mainly due to lower sales quantity. The company has recommended a divided pay out of Rs 4 per share which amounts to 200%, he added, as against previous years pay out of Rs 2.50 per share (which was 125%). The company’s turnover from its Cable Division, in Mysuru, was Rs 74 crores during the reporting year as against Rs 69 crore in the last year (both exclusive of excise duty) which was higher by Rs 5 crore.

The higher turnover was despite the fact that production of Optical Fibre Cable was 28,405 km during the year as against 29802 km in last year, lower by 1,397 km as also sale of Optical Fibre Cable was 28,665 km during the year as against 30,936 km in last year, which was less by 2,271 km.

As part of the corporate social responsibility, the mill had organised health camps and programmes to distribute school bags, notebooks, umbrellas and other materials to students. Drinking water was provided to few rural areas, Dandakaranya and Nandagokul parks in Dandeli were development and various cleanliness drive taken up.

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