STC turnover grows 53% in Apr-June'08

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New Delhi, Aug 5 (UNI) State Trading Corporation's today said its turnover has grown 53 per cent to Rs 4,200 crore in the first quarter of current fiscal over the corresponding April-June quarter of the previous fiscal.

After reviewing the progress over the weekend, STC's board today said it was the highest-ever turnover achieved in a quarter and surpassed the target inspite of these being no imports of wheat during the review period.

The Corporation earned a trading profit of Rs 39 crore during the April-June 2008 quarter, up 47 per cent from the comparable quarter a year ago, an STC statement said.

It said its profit before tax at Rs 23 crore in 2007-08 was marginally higher than the previous year.

On the domestic front, the STC said it continued with direct procurement of tea from small growers and has leased another processing unit to spread its procurement operations.

The corporation said it is also undertaking paddy procurement at minimum support price on behalf of Food Corporation of India under custom milled rice scheme of the Central government.

The board said STC, after having made a significant progress in developing bio fuel business, is further diversifying its operations in mining and power generation.

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