New Delhi: Despite the current privatisation spree, the profitability of about 240 state-owned enterprises continued to improve, the Economic Survey for 2001-02 said.

The average gross margin of the 107 public-sector undertakings (PSUs), which signed Memoranda of Understandings (MoU) for 2000-01, was 15.5 per cent higher in 2000-01 than that of 1999-2000 and 12.8 per cent higher than the target set for them, the pre-budget survey tabled in Parliament said.

All the PSUs increased their net profits to Rs 14,600 crore during 1999-2000 from Rs 13,200 crore in the previous year.

Net worth of the state-owned units also went up to Rs 1,61,100 crore from Rs 1,48,100 crore during 1998-99 while the paid up capital rose to Rs 82,400 crore from Rs 76,900 crore.

Out of these 107 PSUs, 49 PSUs were rated excellent, 26 very good, 12 good, 12 fair and seven poor, the survey said.

Out of about 240 PSUs, 12 PSUs under the Petroleum and Natural Gas Ministry continued to improve their performance, the Economic Survey said.

The Oil PSUs recorded a net profit of Rs 11,825 crore against a paid up capital of Rs 5,204 crore during 2000-01 which was substantially higher than Rs 9,683 crore recorded in the previous year.

The survey pointed out that mergers of the oil PSUs was done to improve the viability of standalone companies, provide linkages and strengthen their competitiveness in the face of volatility in global oil markets.

Crude oil production fell to 1.9 per cent during April-November 2001-02 while natural gas production increased by 0.5 per cent over the same period last year.

PTI