The Hindu Business Line : STC net up 44% in 2005-06

The State Trading Corporation (STC) notched up a net profit of Rs 36 crore in the fiscal year 2005-06, against Rs 25 crore in 2004-05; net profit for the last quarter of previous fiscal shot up to Rs 13 crore as compared to Rs 3.33 crore in the corresponding previous quarter.

The company logged a profit before tax of Rs 17 crore in the quarter ending March 31, 2006 against Rs 3.72 crore in the corresponding quarter of the previous fiscal.

The company's profit before tax for 2005-06 was Rs 50 crore vis-à-vis Rs 37 crore during the previous fiscal, reflecting an increase of 35 per cent.

According to a press statement by the company, the export turnover of STC exceeded Rs 1,000 crore, with the high growth largely coming from chemicals, drugs and pharmaceuticals items and diversification in the areas of steel raw materials, coke and iron ore.

Exports worth over Rs 450 crore were effected to a steel plant in the Philippines by arranging supplies from India as also from third countries.

The import turnover during 2005-06 has been Rs 5,500 crore with the year witnessing a major shift in the composition of import turnover. While imports of bullion have been systematically scaled down from 60 per cent of the total turnover to 32 per cent in view of plummeting trading margins, substantial growth in several segments of imports has been scored. Excluding bullion, import turnover has grown 26 per cent with imports of hydrocarbons, minerals and metals having attained the peaks. Other major import articles include edible oils, vanaspati, petro products and fertilisers.