Pakistan Agricultural Storage and Services Corporation (Passco) has posted a net profit of Rs 421.312 million besides contributing Rs 814.944 million to the national kitty in shape of taxes. A spokesman of the Corporation on Friday announced that according to the audited accounts conducted by A F Ferguson & Co, Passco during the current year had posted a net profit of Rs 421.312 million. Passco also paid Rs 814.944 million in tax.
This has been the best performance of Passco in last five years. Posting of profit by Passco was a good news, particularly when viewed in comparison with other Public Sector Enterprises (PSEs), the spokesman added.
The Corporation in its recently held Annual General (AGM) and Board of Director's meeting also announced its plan to enter in to Certified Graded Seed business which will help fill up the existing void and ensure greater availability of certified seed to the farmers thus improving the national yield. After a gap of more than 30 year, Passco is shortly undertaking construction of new storage godowns at Khanewal and Hafizabad. The project of 37,000 tons storage capacity would be funded entirely from funds generated by Passco, the spokesman concluded.