KFDC posts Rs 2.26 crore net profit in 2016-17

The Karnataka Fisheries Development Corporation Ltd (KFDC) has posted a net profit of Rs 2.26 crore in 2016-17, which is first time in the history of the corporation since its inception in 1970, corporation chairperson Rajendra Naik said.

The corporation has earned a gross profit of Rs 4.38 crore in the year and after deducting the accumulated loss, it was able to get a net profit of Rs 2.26 crore. It is in a position to pay a dividend of Rs 17 lakh to the state government for the first time in the history of KFDC by wiping out the accumulated loss in full, he added.

He told media persons here on Saturday that the turnover of the KFDC, which was Rs 32.88 crore during 2007-08, has increased to Rs 154 crore in 2015-16 to overall increase in fish marketing, ice sales, diesel sales etc. The turnover is likely to cross Rs 200 crore during 2016-17. The accumulated loss of KFDC was Rs 9.45 crore during 2007-08, he explained.

He said that the KFDC has taken steps to construct three hygienic fish markets at Sasthana (at a cost of Rs 200 lakh), Sagara (Rs 240 lakh) and NR Pura (Rs 63 lakh) under financial assistance from National Fisheries Development Board, Hyderabad and Nabard’s RIDF scheme respectively. The work on a fish market at Virajpet is in progress, he said. The KFDC has also participated in European Union-funded Secure Fish project for developing solar-cum-biomass dryer for producing hygienic dry fish along with College of Fisheries in Mangaluru.

The corporation has not recruited employees since a long time. At present, the state government has approved revised cadre and recruitment rules in 2016 and a proposal has been sent to the state government for the recruitment of 22 officers and employees by direct recruitment. The proposal is likely to receive the permission from the government shortly. The KFDC has 160 outsourced employees in its expanded activities. The board meeting has decided to increase the salary of the outsources staff as per the government guidelines of  minimum wages, he said.

He said that merchants and boat owners had not repaid the loan borrowed from eight centres of the KFDC for the last 30 years, for purse seine marketing for various reasons. An amount of Rs 132 lakh has been reserved to waive bad and debts. The KFDC has already waived Rs 50 lakh of loans, he added.

Stating that the KFDC has 18 Matsyadarshini/fish sale units in the state, KFDC MD V K Shetty said that a Matsyadarshini will come up at Ballari shortly. The Matsyadarshini at Theerthahalli has been privatised. The KFDC has been earning a turn over of Rs 15 crore to Rs 20 crore annually from Matsyadarshinis. “Private individuals are coming forward to open franchisees under the brand name of Matsyadarshini. A franchise has been opened in Kochi recently,” he added.