OMC pays Rs 250 crore dividend for 2008-09

The state owned Orissa Mining Corporation (OMC) today paid a dividend of Rs 250 crore to the Orissa government for the year 2008-09. This is Rs 50 crore more than the dividend paid by the state PSU for the previous fiscal.

OMC has been paying dividend continuously for last five years with the dividend increasing from Rs 60 crore in 2004-05 to Rs 200 crore in 2007-08.

Steel and mines minister, Raghunath Mohanty, chairman, OMC Ashok Dalwai and managing director of OMC Saswat Misra today presented a cheque for Rs 250 crore to the chief minister Naveen Patnaik in the state secretariat.

Though the economic slowdown affected all sectors of the economy everywhere, OMC was able to prove its resilience with the highest turnover of Rs 2085 crore during the year.

The profit before tax (PBT) of OMC increased from Rs 528.04 crore to Rs 1890.22 crore in 2008-09. The sales turnover of OMC has been increasing over the years through optimum utilisation of resources, adoption of scientific business processes, cost control measures, computerised inventory management and enterprise resource planning among others.

Progressive mechanisation and modernisation of mining operations have also contributed to the impressive growth of the company as a state PSU.