CCI net profit up by 45 per cent at Rs 22.55 cr for FY 08

Mumbai, Aug 20 (UNI) The public sector, Cotton Corporation of India (CCI) attained a net profit of Rs 22.55 crore during the year ended March 31, 2008 as against profit of Rs 15.51 crore (after tax) during the same period of last year, representing an increase of around 45 per cent over the previous year.

This was achieved despite increased competition from private trade, both in domestic as well as in export sales.

''In view of its continued good performance, the Corporation has declared dividend at the rate of 20 per cent aggregating at Rs 584.98 lakhs (including tax on dividend) on the share capital of Rs 2,500 lakhs to Government of India, which is the same as last year,'' CCI Director Finance N Kirubanithi said.

The Corporation continued to be the implementing agency for Mini Mission-III and IV of Technology Mission on Cotton and during the year, 28 market yards were taken up for development under Mini Mission III with the total project cost of Rs 60.93 crore and 180 ginning and pressing factories for modernisation under Mini Mission IV with total project cost of Rs 318.72 crore.

UNI AR GS ZA VKG1817