Five Chhattisgarh PSUs posted Rs 2,100 cr losses in FY'13: CAG

Raipur: Five public sector undertakings in Chhattisgarh incurred losses of about Rs 2,100 crore in the 2012-13 fiscal, largely due to deficiencies in financial management and project execution, the Comptroller and Auditor General of India has said in a report. The report was tabled in the State Assembly today. [caption id=“attachment_1408161” align=“alignleft” width=“380”]  Facing loss. Andrew Middleton/Flickr[/caption] Of the 19 state PSUs (18 government firms and one statutory corporation), 12 earned a total profit of Rs 214.53 crore while five incurred total losses of Rs 2,091.51 crore in the last fiscal, Chhattisgarh Accountant General (Audit) P C Majhi said in a press conference in Raipur. Of the remaining two, one PSU posted “no profit no loss”, while the other did not finalise its account, he said. The losses were incurred mainly by Chhattisgarh State Power Distribution Company Ltd and Chhattisgarh State Civil Supplies Corporation Ltd to the extent of Rs 2,012.27 crore and Rs 78.88 crore, respectively, the report said. It said: “The losses incurred by the PSUs are mainly attributable to deficiencies in financial management, planning, implementation of projects, running their operations and monitoring.” The national auditor said “the quality of accounts of PSUs need improvement”. PTI