CWC Pays Record Dividend

The Central Warehousing Corporation (CWC) achieved yet another record turnover of Rs.1030 crore during 2010-11 as against `988 crore achieved during the preceding year. Shri. B.B. Pattanaik, Managing Director, CWC presented a dividend cheque of `14.97 crore to Prof. K.V. Thomas, Minister for Consumer Affairs, Food and Public Distribution today (13th October 2011).

Congratulating CWC for its commendable performance, the Minister urged CWC to modernize its storage infrastructure and introduce mechanized handling of stocks at its warehouses.

CWC achieved highest ever Profit Before Tax (PBT) of `203.73 crore as against `163.88 crore during 2010-11, registering a growth of 24.32%.This could be possible due to addition of constructed storage capacity by 1.45 lakh MT and increase in overall capacity utilization (occupancy) to 88% as against 85% achieved during previous year. Keeping in view the national priority for safe preservation of food grains procured for Central Pool, utilization of capacity for storage of food grains was given adequate attention which increased from 48% during 2009-10 to 54% in 2010-11. CWC registered 10% growth in handling of 12.32 lakh TEUs during 2010-11 as against 11.21 lakh TEUs handled during 2009-10 and 6.4% increase in revenue earned out of Container Rail Transport operations and income under Pest Control activities also registered a growth of 12.66%.

Keeping in view the excellent financial results, CWC has declared highest ever dividend for the year 2010-11 @ 40%.

During the current financial year, CWC plans to construct storage capacity of about 2.09 lakh MT with a financial outlay of `78 crore in 11 States mainly for storage of food grains and construct Multi-Storeyed Warehouses in the Metro cities. CWC also plans to commence operations of Private Freight Terminals at its rail-based facilities at Bamanheri (UP) and Nabha (Punjab) besides setting up of Land Custom Station at Ghojadanga (West Bengal).

(Source – Press Information Bureau)

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