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27.7.09

Nagpur:-Western Coalfields posts Rs 516 crore profit

Western Coalfields posts Rs 516 crore profit

Nagpur (PTI): The public sector undertaking Western Coalfields Limited (WCL) has posted a profit Rs 516.12 crore in 2008-09 financial year.

The Company has declared a dividend of Rs 201.26 crore at the rate of 67.74 per cent on Rs 297.10 crore, company sources said.

WCL, a strategically located coal company has been operating with consistent record of profitability since 1975.

WCL contributes 9.06 per cent of national output by its share of 4.89 percent of national coal reserves. It operates 86 mines in central India in Maharashtra and Madhya Pradesh and was regularly supplying coal to Madhya Pradesh, Gujarat, Uttar Pradesh and Haryana.

The WCL is generating a turnover of Rs 6,505.8 crore and could sustain a financial burden of Rs 894 crore due to the implementation of wage revision of coal miners and executives along with a provision of acuuarial gratuity consequent to enhancement of gratuity limit of Rs 3.50 lakh to Rs 10 lakhs. The wage bill of WCL is 56 percent of total expenditure of WCL.

WCL is the highest corporate tax payer of Vidarbha region and has contributed to state exchequer Rs 897 crore during the year 2008-09 by way of royalty and taxes and approximately Rs 438 crore as corporate tax.
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