Mangalore Chemicals & Fertilizers Ltd has posted a rise in the net profits whereby the company' posted a profit of Rs 23.87 crore in the quarter ended March 2020 as against net loss of Rs 5.95 crore in March 2019 quarter. However the sales declined 12.42% to Rs 563.20 crore in the quarter ended March 2020 as against Rs 643.09 crore in March 2019 quarter.

 

For the full year, net profit rose 96.32% to Rs 64.55 crore in the year ended March 2020 as against Rs 32.88 crore in March 2019. Sales declined 11.80% to Rs 2710.84 crore in the year ended March 2020 as against Rs 3073.64 crore in March 2019. 

 

The board of directors has recommended a dividend of Re.0.50 per equity share of Rs.10 each for the financial year ended March 31, 2020, which is subject to approval of the members at the ensuing Annual General Meeting.

 

The company announced reappointment of Rita Menon as an Independent Director for second term of 3 (three) years w.e.f 29.07.2020, subject to approval of the members at the ensuing Annual General Meeting. She is a retired IAS officer of 1975 batch. In her career as IAS officer she has worked in various positions like CMD of ITPO, Chairperson of TNTPO & KTPO, Joint Secretary to Secretary Positions at various Central Ministries, MD of UP Finance Corporation, Director at various central and private sector undertakings like BEL, GRSEL, Goa Shipyard Ltd, Mazagaon Dock Ltd, SIDBI etc. 

 

K. Prabhakar Rao was also reappointed as a Whole-time Director for a period of 2 (two) years w.e.f 01.08.2020, subject to approval of the members at the ensuing Annual General Meeting. Prabhakar, has been working with MCF since 1978 and has handled various responsibilities in the company. As Director - (Works), he is presently responsible for production, maintenance, quality control, technical services, projects, safety and logistics at the company's plant in Mangalore.