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

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

July 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

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

Yes No

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

Yes No

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


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



X