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MMTC revenue from exports jumps 384% in Apr-Sept

Revenue in the first half of the fiscal was Rs 13,176 crore, compared with Rs 12,511 crore in the corresponding period last year.

ET Bureau|
Updated: Nov 14, 2019, 09.24 PM IST
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Total expenses reduced to Rs 6,751.27 crore during the quarter under review, from Rs 7,385.22 crore a year ago, the filing showed.
New Delhi: State-owned trading firms Metals & Minerals Trading Corporation of India (MMTC) posted a 5.3% year-on-year increase in its revenue from operations in the April-September period of 2018-19.

Revenue in the first half of the fiscal was Rs 13,176 crore, compared with Rs 12,511 crore in the corresponding period last year.

The company posted a net profit of Rs 43.28 crore during the period, up 3.9% on year from Rs 41.62 crore registered in the six months ended September 30, 2018.

Revenue from exports increased 384% to Rs 862 crore from Rs 178 crore in the year ago period.

“These achievements have been made in spite of adverse global market scenario and by overall reduction in overheads and other costs,” the company said in a statement.

MMTC was created in 1963 as an independent entity on separation from State Trading Corporation (STC) primarily to deal in exports of minerals and ores and imports of non-ferrous metals. Both MMTC and STC are public sector undertakings under the commerce and industry ministry. The government has about 90% stake in MMTC and STC, and it is planning closure of these firms.

MMTC’s revenue from imports rose 25% to Rs 10,756 crore in the first half as compared to Rs 8,619 crore.
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