Local Property News | Posted by Si Thu Aung
Deputy Minister of Electricity and Energy Dr. Tun Naing said that the two fertilizer factories that suffered losses under the Ministry of Electricity and Energy have been profitable as of the last fiscal year.
The two factories are No. 4 Fertilizer Plant (Myaung Taka) and No. 5 Fertilizer Plant ( Kangyidaunt ).
Deputy Minister of Electricity and Energy Dr.Tun Naing said about the factories at Pyidaungsu Hluttaw’s meeting on February 10.
The Hluttaw suspended the factories within 2017-2018 fiscal year, but they were approved again due to the re-explanation and presentation of Ministry of Electricity and Energy.
The two factories had made a profit of over six and a half billion kyats starting from the previous fiscal year 2018-19.
The No. 4 Fertilizer Plant (Myaung Taka) run at a loss of K over 18 billion in the 2015-2016 fiscal year and there was a net loss of 12 billion kyats in 2016-17 fiscal year.
The No. 5 Fertilizer Plant (Kangyidaunt) lost more than K 13 billion in 2015-2016 & 2016-2017 fiscal years.
China has borrowed 5 million yuan and more than US $ 37 million to operate the two factories.
Currently, only 50 million yuan and $ 10 million are left, the deputy minister said.
The 50 million yuan will be repaid this year and $ 10 million within three years, the minister said.
Written by iMyanmarHouse.com Team
Credit: iMyanmarHouse.com
