Business Daily from THE HINDU group of publications
Sunday, Jul 30, 2006
Business Daily from THE HINDU group of publications Sunday, Jul 30, 2006 |
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Corporate Results
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Minerals MMTC posts 14 pc rise in Q1 net Our Bureau
The company is confident of crossing the annual turnover of Rs 20,000 crore during 2006-07 for the first time spanning over four decades
New Delhi , July 29 MMTC, the trading major, has logged higher business volumes during the first quarter of the current fiscal, registering a turnover of Rs 5,465 crore, compared to Rs 3,396 crore during the corresponding period of 2005-06. The total turnover includes exports of Rs 698 crore, imports of Rs 4,461 crore and domestic trade at Rs 306 crore. Disclosing this to Business Line here, the MMTC Chairman-cum-Managing Director, Mr S.D. Kapoor, is hopeful that with this performance, the company is confident of crossing the annual turnover of Rs 20,000 crore during 2006-07. During the period under review, the company posted a net profit after tax at Rs 33.30 crore, which is 14 per cent higher over the level of corresponding period of the previous year. The company's net worth rose to a level of Rs 866.57 crore, with a zero long-term debt.
Strategic Initiatives
Mr Kapoor ascribed the company's performance to the realignment of business strategy, optimal resources management and other strategic initiatives set off in various respects including logistics and service quality. In identifying areas of investment amounting to an ambitious Rs 20,000 crore in new projects, MMTC has stuck to its focus on its role as a trade organiser and trade facilitator. The company has decided to invest in development of resources abroad for items imported perennially in India to meet the national demand/supply mismatch.
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