State enterprises bring down losses
The amount of losses incurred by state enterprises fell by around 22 percent in the current fiscal year, compared to the previous year, due to price adjustments of power and petroleum products several times.
The amount of dividend they paid to the government was also higher, by 109 percent, compared to the previous year.
The combined net losses of 48 state enterprises stood at Tk 7,386 crore in the current fiscal year, down from Tk 9,414 crore last year, according to provisional estimates made on the basis of information available till April.
Bangladesh Petroleum Corporation and Bangladesh Power Development Board (PDB) top the chart of the loss making enterprises.
Petroleum Corporation saw a decline by 39 percent in its losses to Tk 6,941 crore, while PDB’s losses fell by about 10 percent to Tk 5,750 crore in the current fiscal year.
The prices of power and petroleum products were raised several times during the last 18 months that caused a fall in the losses of the enterprises, a finance ministry official said.
Price adjustment of power and petroleum products was a major condition of the International Monetary Fund tagged with its $1 billion credit.
As the prices had not been adjusted earlier, the government had to spend a huge subsidy on the PDB and Petroleum Corporation.
In the current fiscal year, the government allocated subsidy worth Tk 15,000 crore for the petroleum sector and more than Tk 5,000 crore for the power sector.
Despite the subsidies, the two enterprises borrow a huge amount from state banks.
The Petroleum Corporation owed Tk 19,985 crore, while the PDB Tk 4,812 crore to the state banks till March this year.
However, the amount of losses of Bangladesh Chemical Industries Corporation and Bangladesh Jute Mills Corporation marked a rise.
The losses of Chemical Industries soared by 493 percent to Tk 368 crore in the current fiscal year, while Jute Mills Corporation’s losses rose by 475 percent to Tk 380 crore.
However, 29 enterprises made profit — Bangladesh Telecommunication Regulatory Commission topped the list with Tk 5,054 crore, though the amount was higher last fiscal year at Tk 6,929 crore.
Petrobangla (Bangladesh Oil, Gas and Mineral Corporation) made a profit of Tk 513 crore, up from Tk 334 crore last year.
The state enterprises paid dividends worth Tk 961 crore this year, up from Tk 459 crore last year.
