Singareni Collieries earns 1.56 B net profit

Tuesday, 19 August 2003, 07:00 Hrs
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HYDERABAD: State-owned Singareni Collieries Company Limited (SCCL) earned a net profit of 1.56 billion during 2002-03, it reported Monday.

The company, which has also recorded its highest production, announced a special incentive of 11 percent, amounting to 458.7 million, to its 100,000-strong workforce.

The company claims to be the only public sector undertaking (PSU) in the country to share its profits with workmen from 1999-2000.

It had paid 10 percent special incentive of 307.5 million during 1999-2000 and 290.9 million during 2001-02.

SCCL operates 60 mines in four districts of Andhra Pradesh -- Adilabad, Karimnagar, Warangal and Khammam -- in the north Telangana region. The daily production is 80,000 tones.

The state holds 49 percent and the centre 51 percent in the joint venture.

Source: IANS
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