PSUs in Kerala record net profit of Rs 80.31 crore

Kochi, Apr 21 (UNI) Despite under-currents in macro-economic scenario in Kerala, the State public Sector Undertakings (PSUs) have recorded a net profit of Rs 80.31 crore in 2007-08.

Briefing mediapersons after an 'Annual Performance Review of PSUs', State Industries Minister Elamaram Kareem said 27 companies out of the 42 manufacturing and commercial enterprises have made profits in the period.

Mr Kareem said Malabar Cements Ltd with a profit of Rs 63.05 crore and Kerala State Industrial Development Coporation with Rs 23.07 crore headed the list of PSUs, which recorded profit last year.

''The Government has set aside Rs 50 crore for rejuvenation and revivial of PSUs in 2008-09,'' he added.

The Minister attributed the dip in the overall profit of PSUs from Rs 91.43 crore in 2006-07 to Rs 80.31 in 2007-08 to lowering of price for Titanium dioxide, negative impact in the export market due to rupee appreciation, production loss of five months in Travancore Cochin Chemicals Limited(LCC) due to transformer failure and recession in textiles sector.

Mr Kareem said the government has appointed an expert committee to look into the problems of the Travancore Titanium Products Ltd.

(TPP), which was reeling under the price hike in raw materials and lowering of import duty and sales price of titanium dioxide.

''TTP was incurring a loss of Rs 3.5 crore to produce 9,000 tonnes of titanium dioxide per month and that was a serious problem,'' he added.

The Government, while remaining committed to keep the companies in public sector, the minister also embarked on strategic tie-ups with NTPC in case of TELK, Indian Railways with SILK and Autokast and SAIL for Steel Complex Limited.

Mr Kareem said Steel Industries Kerala Limited, Metal Industries Limited, Kerala State Bamboo Corporation Limited, Travancore Cements Limited, Keltron Crystals Limited, Steel Complex Limited, Keltron Component Complex Limited and Keltron Resistors Limited has earned profit after incurring loss in 2006-07.

In order to improve the professional management in PSUs, the Government has appointed 20 CEOs to various organisations in a transparent manner, he added.

The minister said as part of the revival plan for PSUs, the government will reopen the Malabar Spinning and Weaving Mills and restart Trivandrum Spinning Mills as an open-end mill under KSTC.

UNI MA KVV AK KN1933