ISLAMABAD, Aug 28: The public sector corporation and their units have registered growth in their production during the last three years.
An official announcement issued on Saturday by the ministry of industries and production said that some corporation like Utility Stores Corporation (USC), State Cement Corporation of Pakistan (SCCP), State Engineering Corporation (SEC) and Pakistan Automobile Corporation (PACO) and their units were running in loss during the previous governments but reforms brought about turnaround in their production.
PAKISTAN STEEL: Production of raw steel increased from 1.015 million tons in 2002-03 to 1.024 tons in 2003-04. Net sales reflect increase from Rs22,084 million to Rs24,769 million, showing 12 per cent increase. Profit depicts an increase from Rs1,239 million to Rs6,405 million, showing 417 per cent increase.
Improved performance is attributed to increased production and sales as well as reduction in financial charges as a result of financial restructuring. The work is already in hand to expand the existing capacity of Pakistan Steel from 1.1 million tons per annum to 1.5 million tons through BMRE. Simultaneously, steps have been taken to expand capacity to 3 million tons per annum.
NATIONAL FERTILIZER CORPORATION (NFC): The corporation earned a profit of Rs1395.23 million in 2003-04, which was 267.44 per cent higher as compared to the previous year. The sales of the units of the corporation during 2003-04 was 18.11 per cent higher as compared to 2002-03. Aggregate production of Pak Arab Fertilizer increased from 742,173 tons in 2002-03 to 836,448 tons in 2003-04, which is 13 per cent high. Net sales increased from Rs4,634 million to Rs7,097 million (53 per cent) during the current year 2003-04. Profit depicts increase from Rs1,116 million to Rs1,794 million, which is 61 per cent high.
Production of single super phosphate of Lyallpur Chemicals and Fertilizer Limited shows increase from 74,5000 tons to 78,358 tons, which is 5 per cent higher. Net sales shows increase from Rs366 million to Rs515 million which is 41 per cent higher. Profit depicts increase from Rs2 million to Rs18 million, which is 800 per cent higher. The performance is attributed to higher production and sales activities.
The production of Granulated Single Super phosphate of Hazara Phosphate increased form 68.172 tons to 89.340 tons, which is 31 per cent higher. Net sales increased from Rs376 million to Rs611 million, which is 63 per cent higher. Profit increased from Rs2 million to Rs9 million in 2003-04. The production of urea of Pak American Fertilizer increased from 289,691 tons 310.717 tons, which is 7 per cent higher. Net sales increased from Rs1901 million to Rs2658 million, which is 40 per cent higher. The company earned profit of Rs102 million during 2003-04 against loss to Rs599 million suffered during last year.
State Cement Corporation of Pakistan (SCCP): Income (dividend, interest and other) of holding corporation shows increase from Rs158 million to Rs425 million, which is 169 per cent higher. Profit of holding corporation depicts increase from 101 million to Rs395 million which is 291 per cent higher.
The production of one and only unit of SCCP, Javedan Cement Limited, shows increase from 218,149 tons to 447,787 tons, which is 105 per cent higher. Net sales depicts raise from Rs534 million to Rs1113 million, which is 108 per cent higher. The company earned profit of Rs126 million in 2003-04 against last year loss of Rs38 million which is 432 per cent higher.
State Engineering Corporation (SEC): Production of machine tool factory in value terms increased from Rs527 million to Rs557 million which is 5.7 per cent. Net sales increased from Rs624 million to Rs842 million, 31 per cent higher during 2003-04. Against last year loss of 11 million which is 291 per cent higher. Improved performance is attributed to successful product diversification as well as decrease input cost like stores and spares and energy, etc., and decrease in operating expenses. Through implementation of revamping programmes, PMTF plans to start production of motorcycle parts and manufacture of textile machinery in collaboration with China.
Pakistan Automobile Corporation (PACO): The corporation earned profit of Rs40 million during 2003-04 against previous year loss of Rs3 million. Improvement was due to decline of other expenses.
Pakistan Industrial Development Corporation (PIDC): Profit of PIDC depicted increased from Rs96 million to Rs114m (19 per cent) during 2003-04.
Utility Stores Corporation (USC): The corporation earned a profit of Rs141.09 million in 2003-04 as compared to Rs68.87m in 2002-03. The corporation was in losses but now marking profit.
Export Processing Zones Authority (EPZA): The income of EPZA increased from $1599,709 in 2002-03 to $2054463 in 2003-04. The income increased by 28 per cent during 2003-04 as compared to previous year.
Industrial Growth: the industrial growth of 100 large scale manufacturing items recorded 18.08 per cent which is highest in the decade. The main items related to food beverages and tobacco, textile sector, jute goods, leather, paper printing and publishing, wood furniture, pharmaceuticals, chemicals, petroleum products, tyres and tubes, non-metallic mineral products, iron and steel, engineering, electrical and automobile industry.