Press Information Bureau

Government of India

Ministry of Commerce & Industry

27-October-2011 17:15 IST

A cheque for Rs. 24.83 crore was presented today to Shri Anand Sharma, Minister for Commerce, Industry & Textiles by Smt Vijaylaxmi Joshi, Additional Secretary, Department. of Commerce and CMD, MMTC Limited towards 25% Final dividend for fiscal 2010-11. MMTC, the largest international trading company of India, at its 48th Annual General Meeting held on 30/9/2011, had declared dividend payout of 25% for 2010-11 on the enhanced post Bonus & Split equity. During the year 2010-11 MMTC had sub-divided its equity shares from face value of RS.10/- each to Re. l/- each in the ratio of 1: 10 and had also issued bonus shares in the ratio of 1: 1.

MMTC, currently holding the no. 1 rank amongst trading companies in India, concluded fiscal 2010-11 with its highest ever topline for the seventh consecutive year and achieved a business turnover of Rs. 68,855 crores which includes Exports of Rs. 3,694 crore, highest ever Imports of Rs. 63,301 crore and domestic trade of Rs. 1,860 crore. MMTC also earned net profit after tax of Rs. 122 crores.

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DS/GK

Dividend declaration signals enhanced shareholder return after equity subdivision and bonus issue, following record trade turnover. The company declared a 25% final dividend payable on its enhanced post-bonus and split equity, following shareholder approval at the Annual General Meeting. During the fiscal year the company subdivided its equity shares to a lower face value and issued bonus shares, thereby changing the share capital basis for the dividend. The corporate actions were presented alongside the company's highest recorded annual turnover and a reported net profit after tax.