State-owned Centrenergo cuts net profit by 80% in 1Q 2018

The state-owned power generating company Centrenergo in the first quarter of 2018 (Q1) reduced net profit by 80% year-over-year (y-o-y), from to UAH 851.1 billion (US$32.5 billion) to UAH 168.5 billion ($6.4 billion).

Net income from sales amounted to UAH 4.15 billion over the period under review, which was 1.3 times up from UAH 3.17 billion in Q1 2017, according to a company announcement in the National Securities and Stock Market Commission's information disclosure system.

As UNIAN reported earlier, Centrenergo transferred UAH 1.1 billion in dividends to the state budget of Ukraine in 2017.

Read alsoTurboatom, regional energy companies, almost all CHPPs off 2018 privatization listThe State Property Fund of Ukraine postponed the sale of the state-owned stake (78.3%) in Centrenergo via auction until June 2018.

PJSC Centrenergo is one of Ukraine's leading electricity producers. The state owns 78.289% of the company's shares. Centrenergo consists of three thermal power plants – Vuhlehirska, Zmiivska, and Tripilska – with the total installed capacity of 7,665 MW, which is 14% of Ukraine's overall capacity. Centrenergo supplies electricity to Kyiv, Kharkiv, and Donetsk regions.