Kathmandu, May 28

Only 23 out of the 35 public enterprises (PEs) operating in the country were able to book profit in last fiscal year 2015-16, as per government.

The Annual Status Update of the PEs that was tabled by Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara in Parliament, today, showed that 12 PEs including Nepal Electricity Authority, Udaypur Cement Industry Ltd, National Trading Ltd, Nepal Drugs Ltd, and Janak Shiksha Samagri Kendra Ltd, among others went in loss in the previous fiscal.

However, government statistics show that net profit of these 12 PEs rose by 1.61 per cent in 2015-16 to Rs 34.9 billion compared to net profit earned by them in the previous year. “Though the 12 PEs are still operating at a loss, their net profit has increased slightly,” the report states.

Out of 12 PEs that booked a loss in fiscal 2015-16, NEA alone witnessed loss worth Rs 8.9 billion. As per status report prepared by Ministry of Finance, Nepal Oil Corporation was the largest profit making public enterprise in 2015-16 recording a net profit of Rs 19.3 billion. Similarly, Nepal Telecom, Nepal Bank Ltd, Agricultural Development Bank, Rastriya Banijya Bank and Civil Aviation Authority of Nepal are the other PEs that made substantial profit in fiscal 2015-16.

As per the report, Rastriya Beema Sansthan, Herbs Production and Processing Company Ltd and Hetauda Cement Industry were able to record profit in 2015-16 though they were operating at a loss in fiscal 2014-15.