APMDC profit soars up

Hyderabad, June 12 (UNI) The Andhra Pradesh Mineral Development Corporation (APMDC) has earned a profit of Rs 71.5 crore during the period 2004-07 against Rs 16.58 crore of 2001-04 (331 per cent increase). Similarly, the corporation has made a turnover of Rs 225.71 crore during last three years, achieving an increase of 77 per cent compared to Rs 127.45 crore achieved during the period 2001-04.

This was disclosed by the Industries Secretary Y Srilakshmi in a review meeting on the performance and achievements of Andhra Pradesh Mineral Development Corporation Ltd, Chaired by the Chief Minister Y S Rajasekhara Reddy here today, an official release said.

The Chief Minister noted that APMDC had achieved highest ever turnover of about Rs 100.80 crore and highest ever profit of about Rs 32.95 crore during the year 2006-07. The Corporation had been paying dividend of Rs 100.90 lakh consistently since 1999-2000 (16 per cent of share capital) to government of Andhra Pradesh, the Secretary said.

The APMDC achieved highest ever production of about 1.63 million tones of Barytes from world famous Mangampet Barytes mine. The sale price of A grade Barytes prior to 2005 was Rs 763.30 per mt, whereas it is now Rs 1,164 per MT registering an increase of about 52 per cent.

Similarly B Grade Barytes price increased from Rs 453.20 to Rs 871 per mt, registering an increase of about 92 per cent.

Dr Reddy agreed for the proposal of the Corporation for establishment of three low grade Barytes beneficiary plants in joint sector, with an investment of Rs 90 crore. This would facilitate not only employment opportunities but also liquidation of the low grade stocks.

UNI