Hafed profits cross Rs 100 crore mark

Written by States Bureau | Chandigarh, Jul 30 | Updated: Jul 31 2007, 05:26am hrs
The Haryana State Cooperative Supply & Marketing Federation Limited (Hafed) has registered an all time high profit of Rs100.98 crore (before tax) on a turnover of Rs 2,338 crore during the financial year 2006-07, an increase of around 29 % from the profit of Rs78.20 crore (before tax ) earned during the financial year 2005-06.

Significantly, all individual divisions of Hafed also posted profits for the first time. This turnaround has been brought about by focusing on core business practices within the organisation. Hafed will share part of these profits with its member societies and use the balance for addition to various reserves aimed at further expanding the scope of its activities in the interest of farmers of the state.

Some of the key projects being undertaken by Hafed in the current year include setting up a sugar mill at Assandh, a computerised cattle feed plant at Rohtak, modernisation of rice mill at Taraori and revival of barley malt plant at Jatusana. Hafed is also branding new farmer friendly activities of contarct farming, organic farming and commodity future trading in mustard and barley.