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CCI presents dividend cheque Rs. 5 cr to Govt.

New Delhi, October 4, 2004

The Cotton Corporation of India (CCI) Ltd. has presented a cheque of Rs. 5.00 crores as dividend for 2003-04 to the Textiles Minister Shri Shankersinh Vaghela. The Cheque was handed over here today by Shri Vishwa Nath, Chairman-cum-Managing Director of CCI. The Corporation declared highest ever dividend of 20% amounting to Rs.5.00 crores during the year as compared to 10% paid during the previous year.

The CCI made a profit before tax of Rs.12.78 crores during the year 2003-04 despite fierce competition from private trade both in domestic as well as in export sales. The previous year profit before tax was Rs.3.12 crores.

The financial year 2003-04, ended on a bright note. The Corporation could achieve a higher turnover of Rs. 1049.49 crores (7.49 lakh bales) as compared to Rs. 971.53 crores (10.18 lakh bales) during previous year. The Corporation could achieve a turnover of more than 1000 crores, which is the highest in last six years. The Corporation also achieved all targets committed to Ministry of Textiles under Memorandum of Understanding.

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