Record turnover for MMTC

New Delhi, Feb 24 (UNI) MMTC, the largest international trading company of India, achieved a business turnover of Rs 11291 crore --the highest ever recorded during the nine month period in any year since the Company's inception in 1963.

The business turnover includes highest ever exports and domestic trade performance, which exceeded corresponding levels of last year by 5 per cent and 114 per cent respectively.

In imports, however, there was a marginal drop compared to last year primarily due to a steep increase in the gold prices adversely affecting its off-take and change in the regulation for funding gold imports by the RBI.

MMTC has drawn up ambitious business plans to expand its role as a trade organiser and facilitator by venturing into newer areas such as free trade warehousing zones, development of a nation-wide cold chain, entering into long-term strategic alliances for energy inputs, value addition in exports and enlarging existing franchisee network to provide domestic and export outlets for silverware and handcrafted jewellery manufactured by the craftsmen in the country.

During April-Dec '05, the company recorded profit before tax of Rs 106.7 crore despite pressure on margins and fall in the prices of minerals, pig iron and some other commodities handled by the company. MMTC, with a net worth of about Rs 820 crore and zero long-term debt, has secured earnings per share at Rs 15.84, which on annualised basis translates, to Rs 21.12 per share of Rs 10 face value each.

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