ISLAMABAD, June 26 (Xinhua) -- Gross revenues of Pakistan's federal state-owned enterprises (SOEs) witnessed a 15 percent increase in the fiscal year 2023 (from July 2022 to June 2023) from the previous year, primarily driven by inflationary pressures, with the oil and financial sectors leading this growth.
Total aggregate profits were 703 billion rupees (around 2.5 billion U.S. dollars), while loss-making SOEs reported an aggregate loss of 905 billion rupees, up 23 percent from last year, the country's finance division said in a report this week.
This resulted in aggregate net losses of 202 billion rupees, reflecting a 25 percent increase from the previous year, it added.
The book value of assets reached 16 percent up, while liabilities were 20 percent high, indicating higher financial leverage, the report said, adding that the net equity, consequently, went 2.55 percent down.
Overall portfolio volatility remains of a significant concern for the federal government with value at risk in the higher range, according to the report.
SOEs in Pakistan span eight sectors, including financial, oil and gas, power, infrastructure transport and ICT, manufacturing mining and engineering, industrial estate development, trading and marketing, and miscellaneous. Enditem (1 U.S. dollar equals 278.8 Pakistani rupees)
