MMTC net up 33% to Rs 115.53 cr

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New Delhi, Jan 30 (UNI) Riding a robust 33 per cent growth in first nine months of the current fiscal, India's state-run trading company MMTC today said it recorded its highest ever net profit of Rs 115.53 crore.

During the April-December period of 2007, MMTC achieved its highest ever trading profit of Rs 250.87 crores, 54 per cent higher than the comparable period of the previous fiscal.

Profit before tax was Rs 177.53 crore as against Rs 118.75 crore, the Commerce Ministry said in a statement..

The company's total business during April-December 2007 was Rs 16,884 crores, including exports of Rs 2,721 crore and imports of Rs 13,350 crore. Domestic trade during the period was Rs 813 crore.

It has now declared an interim dividend of 35 per cent for 2007-08.

MMTC is setting up free trade and warehousing zones on the pattern of special economic zones at Kandla, Haldia and Greater Noida, the statement added.

To accelerate growth and enhance its future sustainability, the company is following public private partnership(PPP) route and is setting up a commodity exchange jointly with Indiabulls.

It is also joining hands with an international producer for setting up a gold and silver medallion manufacturing unit, including a gold refinery.

For effective marketing of the finished products from this unit, as well as jewellery from other sources, MMTC plans to set up in partnership with a leading Indian company, a chain of retail stores across cities in the country for medallions, jewellery and its home-grown brand of 'SANCHI' silverware.

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