The aggregate profit earned by the state-run Public Sector Undertakings (PSUs) in Chhattisgarh has been constantly coming down over the years.
The profit earned by PSUs in 2009-10 was calculated at Rs 475.57 crore that came down sharply to Rs 315.59 crore in 2010-11. In the next fiscal 2011-12, the profit registered by the state-run PSUs was pegged at Rs 309.44 crore.
Though the profit of PSUs in the mineral-rich Chhattisgarh is coming out, most of the state-run companies are still running under profit. "As per the latest accounts finalised, out of 20 working PSUs, 11 had earned total profit of Rs 922.13 crore, six PSUs incurred total loss of Rs 612.68 crore," the report of Comptroller and Auditor General (CAG) of India on PSUs for the year ended March 31, 2012, said.
The report added that one PSU prepared its accounts on no-profit no-loss basis. The remaining two PSUs did not finalise its first accounts. The major contributors to the profit included Chhattisgarh Power Generation Company, Chhattisgarh Van Vikas Nigam and Chhattisgarh State Warehousing Corporation.
The Chhattisgarh State Power Distribution Company and the state-run Civil Supplies Corporation Limited were the major loss making entities. The unbundling of the Chhattisgarh State Electricity Board (CSEB) had cast its shadow in profit account of the PSUs in the state.
In 2009-10, the state had Chhattisgarh State Electricity Board (CSEB) that prepared consolidated account statement that showed huge profit. The next year, it was unbundled to five companies. Of these, not all the companies were running in profit and that changed the aggregated profit of the power company.
The CAG report pointed out that the state government had not formulated any dividend policy for the payment of minimum return on the paid-up share capital contributed by the government. As per the latest finalised accounts, 11 PSUs earned a total profit of Rs 922.12 crore but only two declared dividend of Rs 2.43 crore.
Of the loss making entities, most are from the manufacturing sector and especially the Joint Venture companies formed by the state government for either mining iron ore or coal. Among the four PSUs in the sector, two are in loss while one is running neither in loss nor profit.
