Nine PSUs of Puducherry govt incurred Rs 46 cr loss in 2012-13

Nine PSUs of Puducherry government, including Pondicherry Textile Corporation and Swadeshi Bharathi Textile Mills, incurred combined loss of Rs 46.47 crore during the year 2012-2013, according to a CAG report.
The report said the losses of PSUS were mainly attributable to "deficiencies in financial management, planning, implementation of projects, operational management and monitoring."
It also said for the three years ending March 2013, the Audit Reports reflected avoidable expenditure and loss of revenue to the extent of Rs 3.82 crore and idle investment of Rs 3.48 crore and this could have been controlled with better management.
Chief Minister N Rangasamy placed the copy of the report for the year ended March 31 on the table of the territorial Assembly on Tuesday.

The report said of 13 PSUs in Puducherry, three undertakings earned profit of Rs 14.79 crore during the year 2012-2013 while nine undertakings incurred loss of Rs 46.47 crore leading to overall loss.
One undertaking-Puducherry Backward Classes and Minorities Development Company-prepared its accounts on 'no profit no loss' basis.
The three undertakings that earned profit were Puducherry Power Corporation Limited (Rs 7.95 crore), Puducherry Distilleries Limited (Rs 4.63 crore) and Pondicherry Industrial Promotion, Development and Investment Corporation Limited (Rs 2.21 crore).
The report said heavy losses were incurred by Pondicherry Textile Corporation Limited (Rs 16.85 crore), and Swadeshee-i Bharathi Textile Mills Limited (Rs 11.36 crore).