State owned companies loss reaches 1 trillion rupees – Research Snipers

State owned companies loss reaches 1 trillion rupees

pakistan public companies loss

The cumulative loss of Public corporations including PIA, Pakistan Steel Mills, Pakistan Railways, Pakistan Television, and Pakistan broadcasting corporation has reached 1 trillion rupees, Information Minister informed Senate on Wednesday.

While going into the details, the information Minister said, Pakistan International Airlines (PIA) currently employs 14,800 people, the company’s total financial loss stands at Rs356 billion. The national carrier incurred a loss of Rs45 billion in just one year in 2017, he added.

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The similar situation is with Pakistan Steel Mills which employs 17,000 people; the corporation’s loss has reached 200 billion in the last few years the minister said.

Similarly, Pakistan Television (PTV) and Pakistan Broadcasting Corporation (PBC) loss stood at Rs7.5 billion and Rs5.65 billion till today. PTV has 10,000 employees onboard and PBC is only earning Rs450 million per annum, he added.

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Pakistan Railways has the most manpower onboard comparatively, the corporation had total 78,000 employees, the corporation’s current accumulated loss is Rs147 billion. The minister said he had no personal take on against any organization but it was public which is suffering because of their losses.

He also blamed Senator Mushahid Ullah Khan for his political influence and nepotism in PIA during his party’s tenure.