Net losses faced by Pakistan’s State Owned Enterprises (SOEs) rose to mammoth Rs191.5 billion during the fiscal year (FY) 2016-17 of the Pakistan Muslim League-Nawaz (PML-N) government, The News has reported.
According to reports, during FY2014-15, Pakistan’s SOEs were running into net profits of Rs52 billion, but they later turned into net losses of Rs44.7 billion during FY2015-16, followed by whopping losses of Rs191.5 billion — witnessing a record surge by over 330 per cent — in just one year.
A report, prepared and released by the Ministry of Finance, admitted that among the top loss-making public sector entities were the National Highway Authority (NHA) by incurring that of Rs 133.488 billion, followed by Pakistan Railways (PR) with losses worth Rs40.702 billion and Pakistan International Airlines (PIA) with Rs39.5 billion.
Pakistan Steel Mills (PSM), that is now being revived through a public-private partnership, also clinched a spot among the top ten loss-making SOEs for suffering those worth Rs 14.852 billion during FY2016-17.
Lahore Electric Supply Company (LESCO), Hyderabad Electric Supply Company (HESCO), Peshawar Electric Supply Company (PESCO), Quetta Electric Supply Company (QESCO) and Multan Electric Power Company (MEPCO) were also among the entities that faced the most losses.