Goa's Economic Development Corp posts Rs 103cr revenue in FY17

State-run Economic Development Corporation (EDC) today said it has posted revenue of Rs 102.73 crore for the financial year 2016-17 and earned a record profit before tax (PBT) of Rs 61.26 crore.
EDC Chairman Siddharth Kuncolienkar announced the financial results after a board meeting, which approved the annual accounts for the year ended March 31, 2017.
"EDC has made a significant profit for fiscal 2016-17 by achieving a revenue of Rs 102.73 crore due to which it earned a record profit before tax of Rs 61.26 crore," Kuncolienkar later told reporters here.
He said the board has decided to pay the state government an amount of Rs 1349.38 lakh towards interest on the land acquisition funds parked with the EDC.

"The board has also proposed a dividend of 1 per cent, amounting to Rs 86.20 lakh, for FY 2016-17 to the state government," the chairman said.
EDC has been financing several schemes, including the Chief Ministers Rojgar Yojana.

During FY 2016-17, the corporation sanctioned Rs 239. 92 crore and disbursed Rs 319.88 crore.
"The recovery during the same period was Rs 2,000 crore and the outstanding loan stood at Rs 841.19 crore," Kuncolienkar said.
He said the during the fiscal, the corporation drastically reduced its gross non-performing assets (NPA) to 2.93 per cent and the net NPA to 1.28 per cent. The corporation's net worth now stands at Rs 448.91 crore.

He announced the board has approved rationalisation and reduction in interest rate on loans across all schemes.
"In addition, the corporation operates the modified interest rebate scheme of the government wherein interest rebate up to 9 per cent is extended on loans availed by the entrepreneurs setting up units in the backward talukas of Goa or women entrepreneurs," he said.