Markfed earns Rs 8.56 crore profit

By Staff
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Google Oneindia News

Chandigarh, May 24 (UNI) Enforcement of austerity measures in the reduction of overhead expenditure and by bringing improvement in the efficiency of the agro plants, Markfed has achieved profit of Rs 8.56 crore during the last financial year.

This achievement is 154 per cent more than the budgeted profit of Rs 3.37 crore.

Markfed has been able to achieve this profit despite payment of about Rs 1.65 crore to its employees on account of interim relief, enhanced medical allowance and dearness allowance, MD S S Grewal disclosed here today.

Mr Grewal further said that the most significant factor during the last fiscal year has been that all Markfed agro plants have earned profit after being in the red for the last few years. The overall profits of all plants have touched Rs 393 lakh as compared to profit of Rs 127.26 lakh in 2005-06.

The Markfed Vanaspati Plant at Khanna has shown a turn around after a gap of ten years and has earned profit of Rs 25.24 lakh against a loss of Rs 114.82 lakh in 2005-06. The Cattlefeed Plants at Kapurthala and Gidderbaha have earned profit of Rs 46.11 lakh and Rs 35.26 lakh as compared to a meager profit of Rs 4.41 lakh and Rs 1.32 lakh respectively during 2005-06.

Similarly, Markfed Canneries, Jalandhar has earned all time high profit of Rs 82.52 lakh by increasing exports and effecting cost cutting measures. Sohna range of 'ready-to-eat' canned products and basmati rice worth Rs 617.27 lakh were exported to different countries during the last financial year.

Mr Grewal said that Markfed had achieved 99.1 per cent in paddy milling which is the highest among the state procurement agencies.

During the current Rabi procurement also, Markfed has procured 18.24 lakh tonnes of wheat achieving 26 per cent share which is highest out of the overall procurement in the state.

UNI

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