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MMTC achieves highest trading profit of Rs.250.87 cr
31
Jan '08
MMTC Ltd has declared interim dividend payout of 35% for 2007-08. During the first nine months of the current year, MMTC achieved its highest ever trading profit of Rs.250.87 crores which is 54% higher than trading profit earned by the company during corresponding period last fiscal.

The Profit before tax earned by the company amounted to Rs.177.53 crores as against the Profit before tax of Rs.118.75 crores earned by the company during April 2006 – December 2006.

MMTC has reported its highest ever profit after tax of Rs115.53 crores which is 33% higher than the profit after tax earned by the company during corresponding period last fiscal.

During the period MMTC recorded business volumes of Rs.16884 crores, which includes export business of Rs.2721 crores and import transactions totaling Rs.13350 crores. MMTC's domestic trade during the period was at Rs.813 crores.

MMTC is in the process of setting up free trade and warehousing zones on lines similar to Special Economic Zones at Kandla, Haldia and Greater Noida.

To accelerate growth and enhance its future sustainability, MMTC is following Public Private Partnership route and has embarked upon various strategic initiatives which include, in broad terms, setting up of a commodity exchange jointly with India-bulls, joining hands with an international producer as a joint venture partner for setting up a gold /silver medallion manufacturing unit, which would also include a gold refinery as an integral part.

For effective marketing of the finished products from this unit, as well as jewellery from other sources, MMTC plans to set up in partnership with a leading Indian company, a chain of retail stores at various cities in India for medallions, jewellery and its home-grown brand of 'SANCHI' silverware.

Press Information Bureau Government of India


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