STCL records highest turnover of over Rs 470 cr in 2005-06

Bangalore, July 14 (UNI) Public sector Spice Trading Corporation Ltd (STCL) has achieved its highest turnover of Rs 470.78 crore during 2005-06 despite stiff competition from private exporters.

Briefing mediapersons about the company's performance here today, Chairman Arvind Pandalai said the turnover had surpassed the previous year's figure of Rs 432 crore and the trading profit grew by 50.33 per cent at Rs 11.32 crore and the net profit by 67 per cent at Rs 5.98 crore.

The company, in coordination with the Spices Board, was aggressively promoting the sale of 'Flavourit' brand of spices both in the domestic and overseas markets. The Flavourit brand, which offered the aroma, flavour and quality of Indian spice well known in the European market since centuries, had been launched in the US and the process was on to appoint distributors in other overseas markets, he said.

To protect the interests of farmers, the company had played an active role in selling fertilisers to tobacco growers and supplying quality agro-chemicals and other inputs for plantations in Karnataka. With a view to help small coffee growers avoid distress sale, STCL was financing at a concessional interest rate against depositing of their stocks. It also supplied seedlings and agricultural implements to tribals in the south, Dr Pandalai said.

STCL Managing Director K C Ponnana said the company had been regularly conducting cardamom auctions, ensuring good price for the growers. It would set up a chilli processing plant at Byadagi and pepper processing plant in Kodagu, both in Karnataka, during the current fiscal, he added.

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