ISLAMABAD, July 2: Pakistan Mineral Development Corporation (PMDC) has earned a profit of Rs30 million during the financial year 2001-2002 through increased production and record sales.

This was stated by the managing director, PMDC, Brig (Rtd) Ishtiaq Ali Khan, while presenting performance of the corporation before the Board of Directors, official sources said on Tuesday.

He said the Corporation had made a profit of Rs30 million during the year 2001-02 as against Rs22 million in the financial year 2000-01.

The managing director said the financial results for the year 2001-02 portrayed a significant progress in Corporation’s overall performance as the operating revenue increased to Rs409 million in the current year as against Rs312 million in the previous year, a spectacular increase of 31 per cent.

Mr Ishtiaq said vigorous efforts were made to enhance the profitability of the Corporation by exploring new avenues for export of salt to countries via sea, for the first time in the history of the Corporation. As a result, an MoU was signed with Tech Gem Corporation of New York (US) for export of salt in bulk to the US and European countries.

The PMDC will earn, to begin with, $1 million which will increase to $10 million per annum in the next five years period. This would be a humble contribution from the PMDC to the foreign exchange sector, he added.

He said the Corporation was able to achieve record production and sale of salt by producing 635,000 tonnes and selling 627,000 tonnes annually. This resulted in a profit of Rs25 million as against the previous year’s profit of Rs22 million. Similarly, in the coal sector, the managing director said the PMDC made a record profit of Rs12 million.— APP