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Kerala PSUs post net loss of Rs 46 cr -- KMML, KSEB top list of 45 profit-making units

Our Bureau

THIRUVANANTHAPURAM, Feb. 25

THE public sector undertakings in Kerala, numbering 106, incurred a combined net loss of Rs 46.22 crore during 1999-2000.

This was, however, an improvement on the performance during the previous year when the net combined loss stood at Rs 70.89 crore, according to the 20th annual review by the Bureau of Public Enterprises.

The review says that 45 enterprises had registered profits amounting to Rs 285.44 crore during the year as against 47 PSUs earning a total profit of Rs 232.70 crore in 1998-99. At the same time, as many as 50 enterprises incurred losses to the tune of Rs 331.66 crore.

Among the profit-making PSUs, the Kerala Minerals and Metals Ltd (KMML) maintained the top position with a much improved figure of Rs 116 crore over the last year's profit of Rs 83.49 crore. The Kerala State Electricity Board (KSEB) followed with a profi t of Rs 44.13 crore.

The other PSUs which made profit during the year under review included Kerala State Housing Board (Rs 16.17 crore), Kerala Financial Corporation (Rs 13.67 crore), Travancore Titanium Products Ltd (Rs 12.80 crore) Malabar Cements Ltd. (Rs 7.54 crore) and Kerala State Industrial Development Corporation (Rs 7.22 crore).

The Kerala Water Authority topped the list of loss-making PSUs with Rs 114 crore, followed by Kerala State Road Transport Corporation with a loss of Rs 82.18 crore.

The Kerala State Electronics Development Corporation (Keltron), awaiting rehabilitation under a long-standing package, posted a loss of Rs 24.29 crore during the year.

Some of the other loss-making PSUs are: Travancore-Cochin Chemicals Ltd (Rs 18.70 crore), Transformers and Electricals Kerala Ltd (Rs 18.20 crore), Kerala State Civil Supplies Corporation Ltd (Rs 16.19 crore) Kerala State Drugs and Pharmaceuticals Ltd (R s 7.18 crore) and Kerala Electrical and Allied Engineering Company Ltd (Rs 5.59 crore).

The net worth had fully eroded and turned negative in the case of 37 PSUs. KSRTC headed the list, followed by the Kerala State Civil Supplies Corporation, Keltron, Autokast ltd and Kerala Soaps and Oils Ltd.

Among the 50 loss-making enterprises, as many as 46 had incurred cash losses also. The Kerala Water Authority, KSRTC, Keltron, Transformers and Electricals Kerala Ltd and the Kerala Civil Supplies Corporation are among the PSUs which made cash losses dur ing the year.

The survey has revealed a more disturbing fact that 60 PSUs had carried forward losses amounting to Rs 2,615.98 crore as against Rs 2,299 crore in the previous year. Again, the Kerala Water Authority topped the list with accumulated losses of Rs 665.56 c rore, followed by KSRTC (Rs 536.14 crore), Kerala State Civil Supples Corporation (Rs 245.10 crore), Kerala State Cashew Development Corporation (Rs 208.53 crore), Keltron (Rs 177.30 crore), Autokast Ltd (Rs 90.05 crore) and Kerala Soaps and Oils Ltd (R s 61.28 crore).

Only 13 enterprises had declared dividend, worth Rs 6.75 crore, during the year under review.

As on March 31, 2000, the total capital invested in the State PSUs amounted to Rs 13,770.40 crore with KSEB alone accounting for Rs 5,104 crore. As against this, the total sales turnover during 1999-2000 was Rs 5,703.60 crore.

There are a total of 111 PSUs in Kerala, of which five are in various stages of liquidation. Of the remaining 106 enterprises, only 35 had provided audited figures for the purpose of review.

Also, only partial information was available in the case of three, while seven PSUs had remained inactive during the year, says the review.