Markfed makes profit of Rs 1.96 crore: Minister

Hyderabad, Aug 7 (UNI) Andhra Pradesh Cooperation Minister Fareeduddin Mohammed today said the Andhra Pradesh Cooperative Market Federation (Markfed) had earned a profit of Rs 1.96 crore during 2006-07 after recouping a loss of Rs 4.25 crore during 2002-03.

Addressing a press conference here, he said the Markfed proposed to do a business of Rs 518 crore during 2007-08 and expected to earn a net profit of about Rs 2.25 crore.

The Markfed proposed to supply 5.35 lakh tonnes of fertilisers worth Rs 320 crore during the current financial year.

It had supplied 7,667 metric tonnes of groundnut seeds at a cost of Rs 23.91 crore and procured 15,000 metric tonnes of Bengal gram seed at a cost of Rs 40.50 crore for distribution during Rabi in 2007-08, he said.

The Integrated Cooperative Development Project was implemented in 20 districts and an amount of Rs 243.33 crore was sanctioned under this project to the state with financial assistance from National Cooperative Development Corporation.

He said the Hyderabad Agriculture Cooperative Association (HACA), which supplies agricultural inputs like seeds and fertilisers, had also earned profits.

The HACA proposed to do a business of Rs 60 crore and expect a net profit of about Rs 1.60 crore during the current financial year.

UNI