STC records Rs 39-cr net profit
The highest profitability was the outcome of a deliberate shift of focus from items yielding higher turnover to the ones generating greater trading margins.
By TNN |
NEW DELHI: STC has achieved an all time high net profit of Rs 39 crore during 2005-06. The public sector company declared a final dividend of 35% for 05-06 in addition to 15% interim dividend already paid. Thus, the total dividend for for 2005-06 stands at 50%.
According to an official release, the highest profitability was the outcome of a deliberate shift of focus from items yielding higher turnover to the ones generating greater trading margins and various diversification plans adopted by the Corporation.
During the year, STC recorded a growth of over 90% in its exports which increased to Rs 1, 095 crore from Rs 568 crore a year ago. During the year, exports of chemicals and pharmaceuticals also reached an all time high level registering a growth of 70% over 2004-05. Besides, the Corporation diversified into exports of gold jewellery. On the import front, hydrocarbons, minerals and metals registered the top growth of 45%. During 2005-06, as a deliberate step, bullion imports were systematically brought down in view of very low margins on such imports, the release added.
Other major items of imports were edible oils, petro-chemicals, vanaspati, and pulses. STC also effected domestic sales amounting to Rs.537 crore during the year comprising mainly of petro-chemicals, minerals & metals and pulses.
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