20 PSEs make Rs 1231.53 cr profit in 2008-09

Out of 33 working public sector enterprises (PSEs) in the state, twenty were able to earn Rs 1231.53 crore in the last fiscal.

These included the Orissa Mining Corporation (Rs 879.26 crore), Orissa Power Generation Corporation ( Rs 161.29 crore), Gridco (Rs 98.14 crore), Industrial Promotion and Investment Corporation of Orissa Ltd (Rs 24.91 crore).

The prominent among the PSEs which landed up in the red are Orissa Power Transmission Corporation of Orissa Ltd (Rs 15.22 crore), Orissa Rural Housing and Development Corporation (Rs 12.4 crore) and Orissa Forest Development Corporation (RS 5.59 crore).

This was revealed in the audit report (commercial) of the Comptroller and Auditor General of India (CAG) for 2008-09 tabled in the Orissa assembly.

The losses incurred by these units were attributable to various deficiencies in the functioning of the PSEs. “A review of three years’ CAG reports show that the state PSEs losses have mounted to Rs 1000.37 crore and infructuous investment of Rs 409.43 crore were controllable with better management. Thus, there is tremendous scope to improve the functioning and enhance profit or minimise loss”, the report suggested. Stating that there is a need for greater professionalism and accountability in the functioning of the PSEs, the report pointed out that the quality of accounts of the PSEs need further improvement. There were twenty five instances of non-compliance with accounting standards. Reports of statutory auditors on internal control of the companies indicated several weak areas.