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The State Trading Corporation of India (STC) Ltd. has registered a record turnover of Rs.6900 crore during the nine-month period from April-December 2004. This is about 30% higher than the corresponding period of the previous year. The Corporation's profit before tax is Rs. 27 crore which is almost double of its full year target. The record achievement is attributed to the number of new initiatives such as signing of MoUs with multinational companies for import of FMCG and IT products and diversification into imports and domestic sale of petro-chemicals.
STC suffered a dent in its exports due to non-availability of food grains through FCI. However, the Corporation has been able to push its export of chemicals & drugs and teakwood. The breakthrough in exporting tea was another highlight in this year's performance. Bullion continued to constitute a major share in STC's import turnover of Rs. 6200 crore. The Corporation had widened its import operations in hydro-carbons, minerals and metals. Its foray into domestic sales of hydro-carbon, pulses, jute and chemicals fetched Rs. 346 crore during the period. STC has plans to diversify into the export of iron ore and import of non-ferrous metals such as zinc and copper to generate additional turnover and profitability. The Corporation hopes to end the year with a turnover of Rs.9000 crore.
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SS/MRS
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