BUSINESS

Consumerfed registers Rs. 7-crore profit

Staff Reporter

Turnover exceeds Rs. 600 crore



To implement expansion projects worth Rs.175 crore

A regional office was opened in Kollam district



KOCHI: The Kerala State Cooperative Consumers Federation (Consumerfed) has registered a turnover in excess of Rs.600 crore during the financial year ended March 31, 2008, Regi Nair, Managing Director of Consumerfed, has said.

Profit during the period is Rs.7 crore. Turnover registered an increase of Rs.12.5 crore than what was earned during the previous fiscal. Overall turnover during the last two years had registered an increase of Rs.200 crore, he said in a press release issued here on Friday in connection with the second anniversary of the State government.

He said Consumerfed would implement expansion projects worth Rs.175 crore with the assistance of National Cooperative Development Corporation.

Mr. Nair observed that after 1997-98 Consumerfed turned profitable for the first time in 2006-07, during which a profit of Rs. 4.02 crore was posted. Cutting down the loss in Neethi gas sales, Suneethi gas scheme was launched during 2007-08. All medicines were made available through Neethi Medical Stores. The loss of Rs.24 crore incurred in the sale of Indian Made Foreign Liquor that was started in 2001 had been wiped off and was profitable since 2006. Sales increased by Rs.100 crore during 2007-08, Mr. Nair said.

A regional office was opened in Kollam district. Three more Megamarts and six Triveni Stores were opened during the period. Sales through Neethi Stores had registered an increase of Rs.80 crore.

Consumerfed earned the distinction of being the first computerised cooperative institution. Subsidised sales to the tune of Rs.13 crore were carried out for 69 days in connection with various festivals. Consumerfed operated fair price rice shops to rein in the rise in price of rice during the start of the year. Benefits worth around Rs.13 crore reached the consumers through these shops, he said.

Under the “Sahakarana Vipananam Keraleeyam” (Cooperative Marketing Keraleeyam) project, essential commodities were sold at subsidies through 3,415 sales outlets. Subsidies on this count came to Rs.15.79 crore. Besides, close to 17 lakh consumers received special benefits to the tune of Rs.29.45 crore.

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