53 Kerala PSUs incur loss of over Rs 800 cr

As many as 53 PSUs in Kerala incurred a total loss of Rs 889.89 crore while 50 others earned a profit of Rs 498.47 crore during 2014-15, a Comptroller and Auditor General of India's report said.
Among the loss making PSUs are Kerala State Road Transport Corporation (Rs 505.22 crore), Kerala State Cashew Development Corporation Ltd (Rs 127.95 crore) and Kerala State Civil Supplies Corporation Ltd (Rs 89.11 crore), Principal Accountant General Amar Patnaik told reporters here.
Four PSUs had made no profit or loss and five companies have not finalised their accounts, according to the report on Public Sector Undertakings for the fiscal ending March 2015, which was laid in the State Assembly today.

Major contributors to profit were Kerala State Electricity Board (Rs 140.42 crore), Kerala State Beverages (Manufacturing and Marketing) Corporation Ltd (Rs 123.54 crore), Kerala State Financial Enterprises Ltd (Rs 69.90 crore) and Kerala State Industrial Development Corporation Ltd (Rs 30.49 crore).
Kerala have 111 working PSUs (107 companies and 4 Statutory corporations) and 15 non working companies, including 5 under liquidation, employing 1.28 lakh employees.
The turnover of the working PSUs stood at Rs 19,194.06 crore which was equal to 4.25 per cent of the state's GDP.
As on March 31, 2015, the total investment in 126 PSUs was Rs 19,933.20 crore.

A report on Economic sector for the year ending March 2015 was also placed in the assembly.