Ksinc currently runs two Ro-Re ships and one ferry ship named Kochi Corporation. | Photo Credit: File Photos
Roll-Off (RO-RO) and Ferry Boat Services operated by Kochi Corporation and managed by Kerala Shipping and Inland Navigation Corporation Limited (KSINC) caused a cumulative loss of 15.36 lakhs during four months from February to May this year.
Depending on the conditions of the common company with KSINC, the company can carry half of the loss of 7.68 ₹ Lakh. Profit, if any, is also shared as well. According to the financial statements submitted by the KSINC company, the monthly losses in February were 77 023 GBP in March 8.43 GBP, in April 2.71 lakh and in May 3.44 ₹ Lakh. Ksinc currently operates two Ro-RO ships and one ferry ship named by the company.
The opposition united democratic front (UDF) claimed that the KSIN has hastily submitted a financial statement for a four -month period before the authorized accountant named the company completed his audit of his income and expenditure between 2017–18 to 2023-24. The auditor was involved after the fear of the financial permanent committee of the corporation on the operating loss of 10 Lakh, which the KSINC reported in the period between June and September 2024.
“RO-RO services are constantly reporting operating losses, with the exception of the festive months of December and January, although they are always packaged. Why would any agency continue to operate the loss?
According to a statement on income and expenditure for the period from December 2017 to March 2025, the company owes KSINC 77.77 Lakh.
An authorized accountant report concluded that the original statement of the KSINC included a 10% administrative fee that was not in an agreement on a joint venture. Although this fee was removed in a revised statement, other expenses that did not match their own KSINC accounts were increased. Therefore, a revised statement is considered to be considered unreliable.
KSINC sources refused to include administrative fees in a statement, but rejected other comments and stated that they had not yet received an authorized accountant report.
Representative of the mayor and chairman of the Financial Committee Ka Ansiya said that the account officer was instructed to prepare a report based on the findings of the authorized accountant. The report will be reviewed by the Financial Committee before the placement of the Council.
Published – September 2025 01:45
