HHEC PAYS 20 PERCENT DIVIDEND FOR 2002-03

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The Handicrafts and Handlooms Exports Corporation of India Ltd., a public sector unit under the Ministry of Textiles has paid 20 percent dividend for the year 2002-03. The Chairman and Managing Director of the Corporation Shri K.K. Sinha today handed over the cheque for this year’s dividend of Rs.276.40 lakh to Textiles Minister Shri Syed Shahnawaz Hussain here today. Minister of State for Textiles Shri Gingee Ramachandran and senior officials were present.

This is the third consecutive year that HHEC has paid a dividend of 20% and sixth consecutive year for which the Corporation has paid a dividend to the Government of India. The HHEC, in last six years has paid a cumulative dividend of Rs.9.69 crore on a paid-up capital of Rs.13.82 crore. Besides, HHEC’s contribution to the Governments’ Exchequer in the form of custom duty during the last six years has been to the tune of Rs.142.00 crore.

HHEC is a leading trading house engaged in the exports of handicrafts, handlooms, ready-to-wear garments, carpets, jewellery and imports of bullion and mulberry raw silk. During the year the Corporation has achieved a turnover of Rs.390.51 crore. In terms of profitability, the company achieved a net profit after tax of Rs.2.50 crore for the financial year 2002-03. This is the sixth consecutive year of profitability as well as dividend pay out to the government.