MMTC posts highest-ever turnover of Rs68,855 crore

MMTC, currently the top trading company in India, concluded fiscal 2010-11, with a business turnover of Rs68,855 crore, including exports of Rs3,694 crore, highest ever imports of Rs63,301 crore and domestic trade of Rs1,860 crore.

MMTC, which has been recoding record topline for the past seven consecutive financial years, earned net profit after tax of Rs122 crore and declared a dividend of 25 per cent for the 2010-11 financial year.

Vijaylaxmi Joshi, additional secretary to the department of commerce and CMD of MMTC Limited, presented a cheque for Rs24.83 crore to Anand Sharma, minister for commerce, industry and textiles towards 25 per cent final dividend for fiscal 2010-11.

The dividend is being paid on the enhanced post bonus and split equity share base. During the year 2010-11, MMTC had sub-divided its equity shares of face value Rs10 each to shares of Rel each in the ratio of 1:10 and had also issued bonus shares in the ratio of 1:1.

MMTC, which has been in the bullion trade since 1988, has transformed itself into one of the largest bullion importers in the subcontinent.

MMTC has performed well despite the global economic downturn, importing over 240 tonnes of gold, worth close to Rs50,000 crore.