RITES Registers A Record Rs 1.18 Bn Earnings

RITES Railways File Photo
RITES, a Government of India (GoI) enterprise under the Ministry of Railways has declared the final results for the year ended Mar 31, 2007.

The company recorded an increase of 32.9% and 19.2% in revenue and profit after tax (PAT) correspondingly, in the financial year ended Mar. 31, 2007. The earnings and PAT at Rs 5.66 billion and Rs 1.18 billion respectively, is the highest ever attained by the company.

Income from export of locomotives and rolling stock comprising renting was the highest ever at Rs 2.66 billion. Export to several new countries for the first time consisting Angola, Senegal and Mali was undertaken by the company.

The company announced total dividend payment for the year including proposed one, to Rs 400 million, being 1000% of paid-up capital and this is also the maximum ever paid thus far.

R.K. Rao, chairman and the member mechanical, Railway Board stated that the company succeeded in ensuring demanding and high-status contracts worth Rs 7.42 billion comprising Rs 5.35 billion in India.

Mr. Rao added that, the most outstanding accomplishment in the year was the breakthrough for the execution of Tanzania Railway concession project on a new arrangement with RITES and Government of Tanzania, as members of the consortium.

He further stressed the implementation of Sudan Railways contract for rehabilitation of diesel electric locomotives of Hitachi, Japan, was successfully completed and it will now open new markets for RITES.

He declared, there is tremendous potential for such works, as there are a large number of locomotives, in a number of African countries, which needed rehabilitation.

Additionally, RITES carried on providing technical consultancy services in all aspects of transportation to a variety of abroad clients in Malaysia, Afghanistan, Senegal, Angola, Botswana, and Myanmar.