TOKYO (AFX-ASIA) - Sixteen of the nation's 23 public corporations have posted net losses for the year to March 2001, with the total hitting 1 trln yen, the Nihon Keizai newspaper reported. Meanwhile, 12 public corporations had retained losses -- the equivalent of accumulated deficits at private-sector companies -- totaling 6.96 trln yen. The Japan Small and Medium Enterprise Corp booked a net loss of 470.7 bln yen, posting the largest loss. It was hurt by the 476 bln yen loss in its insurance operation, which reinsures guarantees of prefectural credit guarantee associations extended to small businesses having trouble obtaining bank loans. Payments by the associations topped 1 trln yen in fiscal 2000, increasing the coverage by the corporation. The debt-laden Honshu-Shikoku Bridge Authority suffered a net loss of 75.8 bln yen, down 11 pct from the year earlier. Its liabilities exceeded assets by 230 bln yen, while its retained losses grew to nearly 1 trln yen. The National Space Development Agency of Japan recorded a net loss of 120 bln yen, helping to increase its retained losses to 2.43 trln yen. The Promotion and Mutual Aid Corp for Private Schools of Japan suffered a net loss of 90.1 bln yen after adding to its pension reserves. Its negative net worth rose to 1.52 trln yen. The Urban Development Corp posted a net profit of 1.2 bln yen, after drawing down 38.1 bln yen from its reserves. Without this, the corporation would have recorded a net loss of nearly 37 bln yen.