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Thursday, Sep 22, 2005

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Cotton Corpn makes record purchases

Our Bureau

Mumbai , Sept 21

COTTON Corporation of India (CCI) has procured 27.52 lakh bales under the minimum support price (MSP) operations during the current cotton season 2004-05, a record purchase.

In order to ensure remunerative prices to cotton farmers and also to prevent distress sales by them, the corporation undertook massive support price operations in all the cotton-growing States, purchasing 26.49 lakh bales up to March 2005.

During 2004-05, CCI undertook MSP operations operating 250 purchase centres throughout the country and made record purchases valued at Rs 2,558.42 crore and 0.68 lakh bales valued at Rs 77.17 crore under commercial operations, it said in a release.

During 2004-05, the corporation achieved higher turnover of Rs 1,632.35 crore (Rs 1,053.77 crore).

CCI clocked profit before tax of Rs 43.25 crore despite fierce competition from private trade both in domestic as well as export sales. The profit before tax was Rs 12.78 crore in the previous year.

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