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SoE loss up 132pc in FY 08

Rejaul Karim Byron
The net loss of the state-owned enterprises (SoEs) increased by 132 percent in 2007-08 fiscal mainly due to increased price subsidy for petroleum products.
According to die draft economic review, prepared by the finance ministry, 44 SoEs incurred net loss of Tk 5,276 crore in 2007-08 fiscal, up from Tk 2,275 crore a year ago.
Usually, the economic review is published along and attached with the budget, but this year the review has not been included in the budget documents.
Of the 44 SoEs, 15 incurred losses, while others either making profit or breaking even.
Total SoE sector losses, arising out of the losses incurred by the 15 SoEs, stood at Tk 8,635 crore in 2007-08 fiscal, up from Tk 4,774 crore in 2006-07 fiscal. Of the Tk 8,635 crore losses, Bangladesh Petroleum Corporation (BPC) alone incurred loss of Tk 5,882 crore, a substantial increase from Tk
2,628 crore in 2006-07 fiscal.
SoE sector profit in 2007-08 fiscal totaled Tk 3,359, which was Tk 2499 crore in the previous fiscal. Of this, Bangladesh Telecommunications Regulatory Commission (BTRC) made profit ofTk 1478 crore, which was Tk 561 crore the previous fiscal.
BTRC's significant profit of 163 percent was due to fine imposed on the mobile telephone companies for illegal use of voice over Internet protocol (VoIP).
Finance Ministry sources said the calculated loss by BPC is up to May 15.
Energy Ministry officials said BPC was unable to reduce the gap between the prices of petroleum in the international market and its price in the local market.
They said there was a plan on the part of the government to increase the price of petroleum in last year's budget, but ultimately BPC could not increase the price for reasons such as high prices of essential
commodities and natural disasters.
The loss of Power Development Board (PDB) in 2007-08 stood atTk 1361 crore, a 50 percent increase from Tk 904 of the previous fiscal.
Bangladesh Chemical Industries Corporation (BC1C) incurred a loss of Tk 365 crore last year, up from Tk 309 crore the previous year.
The loss of Bangladesh Jute Mills Corporation, however, came down to Tk 108 crore in 2007-08 fiscal from Tk 320 crore of the previous fiscal, as the corporation closed a few jute mills last year.
Multilateral donor agencies such as IMF have always set conditions like narrowing losses incurred by SoEs for financial assistance.
The IMF in October last year asked the government to introduce a quarterly flash reporting system for the five SoEs that account for the bulk of losses, which include BPC, BJMC, PDB, BCIC and Biman Bangladesh Airlines.