ISLAMABAD, June 1: The line losses of power utilities — Wapda and KESC — increased by 4.37 per cent and 1.1 per cent, respectively, during the third quarter (January-March) of the current fiscal year. According to the performance data of public sector corporations released here on Tuesday, Pakistan International Airlines and Pakistan Railways also showed a dismal performance, while Pakistan Steel showed good results.
WAPDA: its transmission and dispatch losses for the quarter (January-March) were 1.43 per cent less than the corresponding period last year but 4.37 per cent more than the previous quarter (September-December 2004). As of end of March this year, actual losses to Wapda stood at 25.57 per cent. This means that the utility was losing Rs65 billion as a result of line losses. Its one per cent system losses translate into Rs2.6 billion in revenue per annum.
Total expenditure of the utility increased by Rs9.3 billion as compared to the corresponding period last year but decreased by Rs5.4 billion against the last quarter of the current fiscal, mainly because of decrease in the cost of fuel, less payment of net hydel profit and less debt servicing.
Wapda’s liabilities towards oil and gas companies remained at Rs3.6 billion and it also did not service its debt liability towards the federal government. The cash shortfall for the January-March period stood at Rs6.3 billion. Since it did not service debt liability to the government, its actual shortfall is, therefore Rs10.9 billion.
Total cash collection by Wapda during the quarter increased by Rs4.4 billion as compared to the corresponding period previous year due to increased generation. It, however, decreased by Rs8.5 billion as compared to the previous quarter of the current fiscal year.
KESC: The transmission and distribution losses during the period of January-March 2005 were 1.1 per cent higher than the target for the same period. It missed almost all performance targets.
While its revenue was more than the target by Rs139 billion at Rs8.97 billion, its expenditure was more than Rs1 billion higher the target of Rs9.7 and stood at about Rs10.7 billion due to higher oil prices and increased operational and maintenance cost.
Total receipts were less than the target by Rs592 million, while payments were also less than the target by Rs910 million mainly owing to less than projected investment.
KESC’s total collection during the July-March period was less than the target by Rs840 million, while its total payments were also less than the target by Rs1 billion.
PIA: As against a target of Rs15.659 billion for passenger revenues, the airline generated only Rs14.629 billion, showing a shortfall of Rs1.03 billion. This loss was due to competition from domestic private airlines.
The airline was, however, able to reduce expenditure by Rs560 million. Expenditure on aircraft rental was Rs83 million more than the target due to hiring of more aircraft for Hajj operations.
The profitability of PIA was Rs420 million short of target and stood at Rs188 million.
PAKISTAN RAILWAYS: Revenue receipt during the third quarter was higher than the target by Rs731.7m. This included an increase of Rs158 million higher earning on account of increase in fare. Its actual deficit decreased by Rs1.2 billion owing to a decline in operating revenue and a decrease in expenditure.
PAKISTAN STEEL: The corporation earned a net profit of Rs1.4 billion against its target of Rs986 million during the third quarter, showing an increase of Rs438 million.
However, its sales could not meet the target of Rs8.06bn and stood at Rs7.9 billion, showing a shortfall of Rs112m. The corporation projected a capacity utilization of 93pc and achieved it, but it was one per cent less than the last quarter. Its total cash receipts stood at Rs19.9bn against a target of Rs18.65 billion.
