• MARCH 28, 2023

BSFIC incurs Tk 39.39bn losses in 5 yrs

Farmers are taking sugarcane from the field to Sugar mills. COURTESY

  • Industry
  • Bangladesh News Desk
  • Published: 26 Feb 2021, 07:43 PM

The Bangladesh Sugar and Food Industries Corporation incurred a loss of about Tk 3,938.80 crore in the last five years as it earned Tk 3,147.22 crore against the spending of Tk 7,086.2 crore during the period.

The BSFIC submitted the data in a statement in a meeting of the parliamentary standing committee on the industries ministry at Parliament Bhavan on Thursday. In the statement, BSFIC said that it detected eight reasons for the losses, parliament secretariat officials said.

The reasons include low selling prices of sugar than the production costs, sugar price fall on the global market, high rate of loan interest, shortages of better quality sugarcanes and old and dilapidated factories. It said that the BSFIC incurred a loss of Tk 525.89 crore in fiscal year 2015-16, Tk 639.44 crore in FY17, Tk 833.51 crore in FY18, Tk 1,600.49 crore in FY19 and Tk 933.80 crore in FY20.

According to the statement, the BSFIC has liabilities of Tk 8,848.32 crore, of them Tk 7,197.62 crore is bank loan. The government suspended the processing of sugarcanes in six mills out of 15 in an order on December 1, 2020. The committee meeting was presided over by Amir Hossain Amu and attended by members Nurul Majid Mahmud Humayun, also industries minister, Kamal Ahmed Majumder, also state-minister of the ministry, AKM Fazlul Haque, Abu Reza Muhammad Nezamuddin, Mohammad Shahiduzzaman, Kazim Uddin Ahmed and M Shafiul Islam, said a parliament secretariat press release.

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