National Oxygen (NOL) says that the company has considered and approved the declaration of an interim dividend of 20 per cent to fully paid equity shareholders. Further the company announced that in case of partly paid shares, the dividend would be appropriated against calls-in-arrears.

Recently the company announced a steep drop of 95.15 per cent in net profits for the quarter ended December 2006. During the quarter, the company witnessed fall in profits from Rs 15.89m ($367,000) to Rs 0.77m ($17,000). The net sales for the quarter declined 21.11 per cent to Rs 30.24m ($699,000) compared with the corresponding quarter, a year ago.

NOL has a capacity of 2500 m3 a hour of oxygen / nitrogen gases and 200,000 m3 per annum of dissolved acetylene gas. It has its manufacturing facilities at Pondicherry and Tamil Nadu.