Hetauda reports accumulated loss of US$6.42m at end-2014

Nepal-based Hetauda Cement Industries Ltd (HCIL) 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 2011-12 and US$95,251 in 2012-13. Our annual loss increased to US$6.42m in 2013-14," said Ramesh Shiwakoti, chief accountant of the state-owned company.

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.