2merkato

The Ethiopian Metal and Engineering Corporation announced a profit of 181 million birr for the past financial year. The corporation registered a profit for the first time having recorded a loss of more than 381 million birr in its first year of operation.

METEC was able to register profit by addressing problems with the majority of the nine companies under its umbrella that had failed to perform in the previous financial year according to Kinfe Dagnew, General Manager of the corporation delivering an annual performance report to the House of Peoples Representatives.

The corporation’s revenue has shown a significant increase to 16.7 billion birr from a little over half a billion birr the previous budget year he noted. It plans to enhance its revenues to 28.4 billion birr in the current fiscal year although it has only managed to collect 4.5 billion birr as gross revenue in the first six months.

Metals and Engineering Corporation (METEC) announced that it had begun assembling cargo locomotives for the new Ethiopia-Djibouti railway line which is at its final phase to commence operation, Fana Broadcasting Corporate reported.

Metals and Engineering Corporation (METEC) disclosed it built more than 75 manufacturing workshops all over Ethiopia.

Metals Engineering Corporation (METEC) of Ethiopia said it is preparing to generate 45 megawatts electric power from the leftovers of Omo Kuraz Sugar Factory, Ethiopian News Agency reported.

The Metal and Engineering Corporation (METEC) of Ethiopia has announced it will focus on the establishment of basic factories than assembling spare parts in GTP II period.