Andrew Yule declares dividend after 21 years

Diversified PSU Andrew Yule & Co today said that it had declared a dividend of five per cent after a period of 21 years for the financial year 2014-15.
Chairman and managing director of Andrew Yule Kallol Datta said that the company had also clocked an accumulated profit of Rs 20 crore during the fiscal.
The PSU, which has tea and electrical business divisions, suffered an accumulated loss of Rs 431 crore in 2006-07 with a negative networth of Rs 157 crore, he told reporters here.
Last fiscal, the networth of the company stood at Rs 224 crore, he said.

The turnover of the company touched Rs 400 crore in the last fiscal.
Datta said that the company could have come out of BIFR when its networth turned positive in 2008-09.

"But we will continue to stay within BIFR since some issues were there relating to capital gains tax arising out its stake sale in associated firms Phoenix and Dishergarh Power", he said.
However, it would have to ultimately come out of the BIFR fold in 2017-18, he said.
Andrew Yule has decided to set up new green tea factories in Dooars and Darjeeling in north Bengal, the production of which would start from June.

The company would also set up a new high voltage transformer manufacturing unit in Tamil Nadu in technical collaboration with a Russian firm at an investment of Rs 150 crore, he said.