Loss-making JK Cements turnover for 2017-18 reaches Rs 114 cr

Highest in 5 years, says VC Yatoo

GKNN
Srinagar, Publish Date: May 17 2018 12:29AM | Updated Date: May 17 2018 12:29AM
Loss-making JK Cements turnover for 2017-18 reaches Rs 114 crFile Photo

Loss making JK Cements, a state government PSU, Wednesday reported that it has recorded highest ever revenue of Rs 114 crore in 2017-18. This turnover is highest in last five years, according to an official spokesperson.

According the spokesperson, this was revealed during a review meeting of the corporation by the Vice Chairman Nazir Ahmad Yatoo at Sonwar office here.

The vice chairman has been apprised that the company achieved highest ever cement sales of 1,43,837 MTs during the year with a sales value of Rs 114 crores.

As compared to the previous financial year, the corporation earned Rs 22 crore more than the year 2017-18.  The above sales targets are 25000 MTs of cement sales; above what was achieved during the year 2016-17.

The VC took the sectional review/feedback from the officials and was apprised that the previous year 2017-18 was excellent in terms of clinker/cement production and the losses during the said year shall be negligible comparing with previous years and was added that the liabilities of the company have also been liquidated to a larger extent.

The state owned cement company has clocked Rs 100 crore losses in last four years.

The meeting informed the VC about the present financial crisis in the company due to nonpayment of advances by engineering departments and the amount of money that remains withheld with the government departments.

It was given out that an amount to the tune of Rs 18 crore to Rs 20 crore remains withheld with government departments which has been termed as the sole reason behind current financial crisis in the corporation.

The meeting deliberated upon the negative impact of civil accounting in engineering departments which has closed doors for advance booking as has been in practice in last 30 years.