State-owned trading giant MMTC today said the company’s turnover is expected to increase by about 40 per cent to Rs 40,000 crore in the current fiscal, mainly on account of increase in agro and mineral business.
“MMTC would achieve the turnover target of Rs 40,000 crore during 2013-14 set by the government,” MMTC said in a statement quoting its Chairman and Managing Director, D S Dhesi.
In the last fiscal, the company reported a net loss of Rs 70.62 crore due to 57 per cent decline in total revenues at Rs 28,598 crore compared to the previous fiscal.
However, in the first three months of the current fiscal, the state-owned firm’s turnover rose 58 per cent year-on-year to Rs 9,709 crore, the company said in a statement.
This has been possible because of the significant increase in agro, hydrocarbon and mineral business, it said.
Shares of MMTC closed at Rs 50.45 a piece today, down 4.99 per cent from the previous close on BSE.