The Hindu Business Line : STC turnover up 29% in April-Dec

STATE Trading Corporation's turnover during the first three quarters of the current fiscal amounted to Rs 6,900 crore , registering a growth of 29 per cent over the corresponding period of 2003.

According to a company statement issued here, the profit before tax (PBT) of the company has also shot up to Rs 27 crore during April to December 2004, which is almost double of the full year memorandum of understanding (MoU) target and 2.75 times the PBT earned during April-December 2003.

Exports of STC during the period under review fetched Rs 334 crore and the non-availability of foodgrains for exports through the FCI was the main cause for STC's exports being lower than the expected levels.

Export of foodgrains have less than halved to Rs 281 crore during Apr-Dec 2004, when compared with the corresponding period last year. But the company counterbalanced this dip by pushing its exports of chemicals and drugs and teakwood further, besides making a breakthrough in the export of tea.

Import turnover of the STC amounted to Rs 6,200 crore during the period under review which has surpassed the full year MoU target of Rs 5,890 crore by seven per cent and by 37 per cent in the corresponding months of 2003. Bullion has continued to constitute a major chunk of the import basket, even as the corporation has substantially widened its import operation in hydrocarbons, minerals and metals group, which together yielded a record turnover of Rs 970 crore.

Other major import items include edible oils, fertilisers and vanaspati.

The corporation has also achieved the highest-ever domestic sales of Rs 346 crore during the period under review and the major items in this regard include pulses, jute, chemicals and hydrocarbons.

The corporation is optimistic to wind up the fiscal year with a record turnover of Rs 9,000 crore.

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