STC posts Rs 14,300cr turnover during 2006-07

New Delhi, Apr 28 (UNI) The public sector State Trading Corporation (STC) has acheived a 100 per cent rise in its turnover to reach the highest ever level of over Rs 14,300 crore during 2006-07.

According to STC sources, this turnover excludes the Memorandum of Understanding (MoU) target for the year by 43 per cent.

The Profit Before tax (PBT) went up to Rs 100 crore.

In view of improved profitablity, the corporation has paid an interim dividend of 20 per cent for the year 2006-07.

The final dividend will be consideed after the accounts have been audited.

During the period under review, STC's exports demonstrated a strong growth of 165 per cent to attain the best ever performance of over Rs 2,900 crore.

The sharp rise in exports was manly atributed to expansion of overseas steel operations to Bulgaria on similar lines as being undertaken in the Phillipines. Such operations yielded a substantial turnover to the tune of Rs 1,800 crore.

The import turnover also grew by 95 per cent to Rs 10,700 crore.

In view of shortage of food grains in the central pool stocks and spiralling domestic prices of wheat, STC was asked to import 65 lakh tonnes of wheat into the country.

Almost the entire quantity has already arrived and is being sold to Food Corporation of India on high seas basis resulting in a turnover of Rs 4,950 crore.

STC has embarked upon many new initiatives with a view to achieving further growth in its business operations. It has been playing a significant role in developing public private partnership.

It is now broadening the scope of services by developing similar relationships with public sector companies. With this object in mind, STC has entered into an MoU with NTPC, BEML and MSTC to exploit each others resources.

UNI