LGMCPL to distribute 15pc dividend

Kathmandu, September 29:

Lali Gurans Multi-purpose Cooperative Ltd (LGMPCL) has decided to distribute 15 per cent dividend to its shareholders from the profit it earned during the fiscal year 2005-06.

Of the total dividend, 10 per cent will be in the form of cash and the remaining five per cent will be bonus shares, according to the cooperative.

LGMPCL earned an operating profit of Rs 3,411,385 during the fiscal 2005-06, while its net profit after tax provision stood at Rs 2,285,797.

The cooperative mobilised deposits worth over Rs 153.81 million during the period and it floated loans and advances worth Rs 101.08 million.

The cooperative recovered loans and other investment worth Rs 54.18 million.

Thus, the paid-up capital of the cooperative has reached Rs 80,24,150 at the end of the fiscal year.

According to Surendra Bhandari, chief executive officer of LGMPCL, the cooperative plans mobilise deposits of Rs 230 million during the current fiscal year of 2006-07.

It plans to make investments worth Rs 180 million and recover Rs 110 million from its previous investment and advances.