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  • State-owned Sugar mills face losses of BDT4000 crore in 5years

State-owned Sugar mills face losses of BDT4000 crore in 5years


Pabna sugar mill COURTESY

  • Country
  • Staff Correspondent
  • Published: 28 Feb 2021, 12:46 PM

The state-owned Sugar and Food Industries Corporation (BSFIC) has incurred a loss of about Tk 4,000 crore in the last five years.
At that time the company's earnings were 3 thousand 147 crores 22 lakh TAKA. And 6 thousand 86 crore 2 lakh TAKA has been spent. The loss stood at 3,938 crores 70 lakh TAKA.
The information came from a report presented at a meeting of the parliamentary committee on the industry ministry held at the parliament building on Thursday.
Bangladesh Sugar Mills Corporation under the Ministry of Industries was transformed into Bangladesh Sugar and Food Industries Corporation. The aim of this corporation is to increase sugar production and the production of by-products. 15 sugar mills are operated under this corporation.
BSFIC 2015-16 financial year 525 crore 89 lakh taka, 2016-17 financial year 639 crore 44 lakh taka, 2016-17 financial year 833 crore 51 lakh taka, 2018-19 financial year one thousand 6 crores 49 lakh taka, 2019-20 The financial year has caused a loss of 933 crores 80 lakh TAKA.
The report identifies eight causes of BSFIC's losses. These include lower selling prices than lower production costs, lower global sugar prices, higher debt, and interest rates, higher sugar-rich insect and disease-resistant varieties of sugarcane, dilapidated factories, imported private sector. Production of refined sugar from raw sugar is marketed at lower prices, interest rates on bank loans increase as well as rising production costs and reduced sugar collection rates.
According to the report, the current liability of the Sugar and Food Industries Corporation is Tk 8,848.32 crore. Among the liabilities, a bank loan is Tk 7,197.62 crore, DSL and Pakistani loan is Tk 965.99 crore, sugarcane price is Tk 33.70 crore, salary due is Tk 92.3 crore, provident fund sector is Tk 107.70 crore, gratuity. 254.13 crore, government debt of Tk. 138.64 crore, income tax of Tk. 11 crore 66lakh, VAT of Tk. 9 crores, dealer security of Tk. 37.75 crore.
At present, the total number of posts in the Sugar and Food Industries Corporation is 17,263. Of these, 6,031 vacant the report said.
According to a press release issued by the Parliament Secretariat, the meeting recommended the approval of the ministry for procurement of all departments under the Ministry of Industry and purchase of spare purses from the same company in all factories as well as equipment from Europe, America, and Japan.
In addition, the meeting recommended taking steps to reopen the closed sugar mills, uncovering the root causes of losses in the sugar industry, redundant manpower, and motivating trade union officials and employees like other officials and employees.
The meeting was chaired by Amir Hossain Amur and chaired by members of the committee Industries Minister Nurul Majid Mahmud Humayun, State Minister Kamal Ahmed Majumder, AKM Fazlul Haque, Abu Reza Muhammad Nizamuddin, Mohammad Shahiduzzaman, Kazim Uddin Ahmed, and Shafiul Islam.
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