Home / Knowledge / News / Textiles / Losses of state-owned enterprises step-up
Losses of state-owned enterprises step-up
04
Jul '08
Increasing price subsidy for petroleum products has increased the net loss of the state-owned enterprises (SoEs) by 132 percent in 2007-08 fiscal.

A draft economic review was made by the finance ministry which revealed that some 44 SoEs incurred net loss of Tk5,276 crore in the period, up from Tk2,275 crore of the previous year.

Of this 44, around 15 SoEs were in losses while the others either made a marginal profit or broke even. In fiscal 2007-08 the total SoE sector losses, arising out of the losses incurred by the 15 SoEs, stood at Tk8,635 crore, up from Tk 4,774 crore in 2006-07 fiscal.

Bangladesh Petroleum Corporation (BPC) alone incurred a loss of Tk5,882 crore which is a substantial increase from Tk2,628 crore registered in 2006-07 fiscal. The finance ministry calculated losses of BPC incurred till May 15.

Reasons attributed are inefficiency on part of BPC to reduce the gap between the prices of petroleum in the international market and those prevalent in the domestic one.

Although Government had plans to increase the prices of petroleum in the budget last year, BPC could not do so, since the prices of essential commodities were already high and natural disasters had also taken a toll on the market.

The Power Development Board (PDB) in 2007-08 also incurred loss which stood at Tk1361 crore, a 50 percent increase from Tk904 of the precedent year. Bangladesh Chemical Corporation also depicted a downward trend incurring losses amounting to Tk365 crore, up from Tk309 crore over the corresponding year.

The situation was a little different for Bangladesh Jute Mills Corporation (BJMC), whose losses declined to Tk108 crore in 2007-08 compared to Tk320 crore of the previous year.

Although profits from the SoEs also increased, it was very marginal when compared to the heavy losses recorded from various industries. SoE sector profit in 2007-08 fiscal totaled Tk 3,359, which was Tk 2499 crore in the previous fiscal.



Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.8%
No
13.0%
Skip
10.1%

Total Votes: 69

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.3%
No
27.5%
Skip
10.1%

Total Votes: 69

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.5%
No
10.1%
Skip
4.3%

Total Votes: 69

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.4%
No
11.6%
Skip
13.0%

Total Votes: 69


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search