The Hindu Business Line : Nafed posts Rs 11.49-cr net in 2004-05

NATIONAL Agricultural Cooperative Marketing Federation of India Ltd (NAFED) announced a net profit at Rs 11.49 crore for 2004-05, registering a 260 per cent growth over the net profit of Rs 3.19 crore in 2003-04.

It also registered a turnover of Rs 2,293 crore during 2004-05, up 62 per cent as compared to Rs 1,412 crore during 2003-04.

NAFED also declared a dividend of 10 per cent for the last financial year as against seven per cent during 2003-04.

Giving details of NAFED's performance during its 48th annual general meeting, its Managing Director, Mr Alok Ranjan, stated in a release that the organisation had also done well in the insurance sector with the turnover touching Rs 14.5 crore with net profit at Rs 1.25 crore.

On the new initiatives taken by NAFED, he said it had made inroads into distribution of seeds and fertilisers, consumer marketing, future trading, warehouse based financing, insurance, human resource development and public private partnership to sustain its revenues to meet its administrative overheads.

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Nafed posts Rs 11.49-cr net in 2004-05