LAHORE: Over 4,000 stores of Utility Stores Corporation (USC) are incurring losses, it has been revealed.
According to reports, the daily loss of USC has surpassed Rs14 million and the corporation has decided to shut those stores down which have been incurring losses.
USC is under through a tough time due to these losses.
According to reports, there are a total of 5,327 utility stores in the country out of which 4,470 are incurring losses. In Islamabad 494, Abbottabad 428, Peshawar 791, Quetta 265, Sargodha 607, Sukkur 280, Karachi 364, Lahore 508 and Multan has 679 of these stores which are incurring losses.
In terms of sales, USC had to suffer losses after 2012-2013.
In 2012-13, the sale of USC was at Rs94 billion when it registered a profit of Rs1.4 billion. In 2013-14, sales stood at Rs87.3 billion and the corporation suffered a loss of Rs20 million. 2014-15 sales of USC stood at Rs59.01 billion and losses were of Rs2.2 billion.
In 2015-16, sales stood at Rs50.37 billion whereas the loss amounted to Rs3.07 billion. In the year 2016-17, sales were at Rs59 billion whereas the losses stood at Rs3.85 billion.
During the current year, losses are expected to increase even further.
It has been decided to lay off scores of daily wagers and contract employees due to these losses, sources say, for which lists are being prepared. Salary increments have also been put on the back burner as these utility stores, besides facing lack of stocks, are having difficulties in even making payments for the goods purchased.