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.

Latest News

  1. Clashes erupt during searches in Kulgam village; three arrested
  2. Clashes erupt during searches in Kulgam village; three arrested
  1. Kashmiri people and leadership ready to defend Article 35A at any cost: Mirwaiz
  2. Kashmiri people and leadership ready to defend Article 35A at any cost: Mirwaiz
  1. Rawalpora theft cases solved, burglar arrested: Police
  2. Rawalpora theft cases solved, burglar arrested: Police
  1. Prayer leader arrested for peddling drugs in north Kashmir’s Baramulla
  2. Prayer leader arrested for peddling drugs in north Kashmir’s Baramulla
  1. Video | Sidhu to gift Kashmiri shawl to Imran Khan at his swearing in
  2. Video | Sidhu to gift Kashmiri shawl to Imran Khan at his swearing in
  1. Imran Khan elected 22nd Prime Minister of Pakistan
  2. Imran Khan elected 22nd Prime Minister of Pakistan
  1. Vajpayee cremated with full military honours
  2. Vajpayee cremated with full military honours
  1. Hubble captures dazzling image with 15,000 galaxies
  2. Hubble captures dazzling image with 15,000 galaxies
  1. Man injured in Awantipora grenade blast succumbs
  2. Man injured in Awantipora grenade blast succumbs
  1. Mysterious death of man triggers protests in Rajouri
  2. Mysterious death of man triggers protests in Rajouri
  1. Article 35A: JRL calls shutdown in Jammu and Kashmir on August 26, 27
  2. Article 35A: JRL calls shutdown in Jammu and Kashmir on August 26, 27
  1. Samsung tops India premium smartphone market in 2018 first half
  2. Samsung tops India premium smartphone market in 2018 first half
  1. Yasin Malik leads JRL protest in Srinagar, warns against tinkering with Article 35-A
  2. Yasin Malik leads JRL protest in Srinagar, warns against tinkering with Article 35-A
  1. Tens of thousands of pilgrims descend on Mecca for Hajj 2018
  2. Tens of thousands of pilgrims descend on Mecca for Hajj 2018
  1. Video | Indo-Pak peace greatest tribute to Vajpayee: Farooq Abdullah
  2. Video | Indo-Pak peace greatest tribute to Vajpayee: Farooq Abdullah
  1. Four-member Pakistan delegation to attend Vajpayee's funeral: Report
  2. Four-member Pakistan delegation to attend Vajpayee's funeral: Report
  1. Four civilians injured in Awantipora grenade blast
  2. Four civilians injured in Awantipora grenade blast
  1. Railways' glass-top coach in Kashmir-all dressed up and nowhere to go
  2. Railways' glass-top coach in Kashmir-all dressed up and nowhere to go
  1. Woman shot dead by unknown gunmen in Pulwama village
  2. Woman shot dead by unknown gunmen in Pulwama village
  1. Kerala death toll rises to 154, massive rescue underway
  2. Kerala death toll rises to 154, massive rescue underway
  1. Imran all set to become Pakistan PM as cracks appear within Opposition ranks
  2. Imran all set to become Pakistan PM as cracks appear within Opposition ranks
  1. Pak govt, leaders pay tribute to Vajpayee; say he contributed for 'a change' in bilateral ties
  2. Pak govt, leaders pay tribute to Vajpayee; say he contributed for 'a change' in bilateral ties
  1. Elaborate security arrangements in Delhi for Vajpayee's funeral
  2. Elaborate security arrangements in Delhi for Vajpayee's funeral
  1. Army soldier killed in brief shootout in Handwara in north Kashmir
  2. Army soldier killed in brief shootout in Handwara in north Kashmir
  1. India, Pakistan trade fire along LoC in Poonch in Jammu and Kashmir
  2. India, Pakistan trade fire along LoC in Poonch in Jammu and Kashmir
  1. Clashes erupt during search operation in Hajin; Internet suspended
  2. Clashes erupt during search operation in Hajin; Internet suspended
  1. Kashmir University entrance exam as per schedule today
  2. Kashmir University entrance exam as per schedule today
  1. SSB postpones counselling, document verification scheduled today
  2. SSB postpones counselling, document verification scheduled today
x
This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine