KARACHI, March 5: Five major state-run entities showed mixed results during the second quarter of this fiscal year i.e. October-December 2004, according to financial statements posted on the Ministry of Finance's website.

Water & Power Development Authority or Wapda reported cash shortfall of Rs2.325 billion in its accounts for the second quarter of the current fiscal year. And since it did not service any debt liability to the government (Rs4.563 billion in value), its actual shortfall stood at Rs6.888 billion. In the first quarter, the state-run utility had reported a surplus of Rs4.595 billion.

Financial statement of Wapda shows that though it did not service any government debt, it paid Rs2 billion net hydel profit to the government in the second quarter of the current fiscal year. In the first quarter, it had paid Rs1 billion.

Karachi Electric Supply Corporation or KESC also posted a net pre-tax loss of Rs2.464 billion during the second quarter of the current fiscal year, more than double the initial estimate of Rs1.230 billion. In the first quarter, it had contained pre-tax losses at Rs2.037 billion, against the initial estimate of Rs2.392 billion.

The government has now privatized KESC and the new owner, a Saudi consortium, is due to take it over shortly.

Pakistan Railways managed to contain its deficit at a little over Rs404 million during the second quarter of the current fiscal year, far lower than the initial estimate of Rs1.927 billion but higher than the actual deficit of Rs230 million in the first quarter.

Pakistan International Airlines or PIA also suffered a loss of Rs346 million during the second quarter of this fiscal year, against the initial estimate of Rs1.178 billion profit. In the first quarter, the national flag carrier had booked a loss of Rs530 million.

Unlike the above entities, Pakistan Steel Mills, earned a net pre-tax profit of Rs2.110 billion during the second quarter of this fiscal year, against the initial target of Rs1.5 billion but a little lower than the actual profit of Rs2.913 billion earned during the first quarter.