Hetauda Cement's accumulated loss soars to US$6.42m

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Nepal: State-owned Hetauda Cement Industries Ltd (HCIL) has reported an accumulated loss of US$6.42m at the end of its 2014 financial year.

"We faced a loss of US$692,829 in 2011 - 2012 and US$95,251 in 2012 - 2013. Our annual loss increased to US$6.42m in 2013 - 2014," said Ramesh Shiwakoti, chief accountant of HCIL. "HCIL is facing a loss as we are focused on providing quality products, unlike privately-owned cement producers whose major thrust is on making profit."

HCIL pays its workers around US$251/month, while privately-owned cement plants reportedly pay around US$150/month. Although a HCIL spokesperson said that the company's loss can be partly attributed to its high wages, the workers said that the plants is making a loss due to lack of transparency and increasing political interference.

Last modified on 25 March 2015

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