Bangladesh Shipping Corpo ration (BSC) announced a Taka 15 78 crore net loss for the 1993 94 fiscal year (FY) a*, again at a loss of Tk 17.24 crore the previous FY. at its annua! general meeting held in Chittagong yesterday

According lo the corpora lions annual report for 1993 94. BSC lias sent a proposal to the government to raise the authorised capital from Tk 25 crore to Tk 400 crore and the paid up capital from Tk 20 crore to Tk 350 crore. The corporation also made a pro |>osal lo convert a loan of Tk 2J0 45 c rore Into equity, for what the annual report said, to enable It to comply with the ECNEC directive to raise the debt to equity ratio to 70:30 from the current 80:20

The accumulated losses of the corporation, set up by the government in 1972 and listed with the Dhaka Stock Exchange In 1977. as of June 30. 1994 stood at Tk 123.99 crore as against 106.71 crore at the end of the previous FY.

The annual report said that the corporation haa tried to acquire a second hand oil tan-

ker of 1.20.000-190.000 dwt and another 250-300 leu con tamer feeder vessels It ha* also initiated a fleet planning survey to look into the re quirements during tfie coming years Presently BSC has a fleet of 18 ocean going vessels

During the year under review the corporation had an operating income of Tk 190 57 crore as against Tk 18371 crore In 1992 93 while the operating expenditure Mood al Tk 165 96 crore as against Tk 157.71 crore the previous FY The repor ( showed an operal Ing profit Of Tk 24 62 crore in 1993 94 c ompared lo Tk 26 crore the previous year

The operating expenditure* for 1993 94 Included Tk 151 73 crore directly for the shipping fleet Tk 13 18 crore indirectly for the shipping fleet and another Tk 4 13 crore for administrative expenses

The corporation currently has 1127 employees and ex penditure on account of remu Deration was shown In the an nual report as Tk 14.31 crore a* against Tk 13.21 crore dur ing 1992-93

Total asaets at the year end stood . at Tk 300 21 crore slightly lower than the Tk 315.93 crore shown in 1992 93 Revenue shortfall during the year In review stood at Tk 95 22 crore compared to Tk 77 93 crore the previous FT

The long term loan of the corporation stood at Tk 240 16 crore and loan pay menta during 1993 94 stood at Tk 28 21 crore

The governmenl owns 87.5 per cent of the corporation while the private shareholders hold the remaining 12 5 per cent Presently the shares of BSC are being -raded at the Dhaka Mork Exchange at par with the face value of Tk 100 per share