DTEK Energy improves financial performance in Q1

DTEK Energy in January-March 2018 (Q1) improved its financial performance by excluding from its financial statements its enterprises located in the temporarily occupied territories in Donetsk and Luhansk regions.

In the first quarter of 2017, loss of control over the said enterprises led to losses estimated at UAH 6.9 billion (US$264 million).

Stabilization of national currency was another contributing factor. The loss of UAH 0.4 billion from exchange rate differences in Q1 2017 was compensated by hryvnia strengthening leading to UAH 2.7 billion in profit from exchange rate gaps in Q1 2018.

Due to said factors, DTEK Energy posted UAH 4.3 billion ($164.5 million) in profit in Q1 2018.

Read alsoReuters: Ukraine's DTEK, China's CMEC to build one of Europe's largest solar projectsThe company produced 5.759 million tonnes of gas coal in Q1 2018, which was 2% down year-over-year (y-o-y). Production of A (anthracite) and T (semi-anthracite) types of coal was not carried out over the period under review, whereas the output of the said coals totaled 1.879 million tonnes in Q1 2017.

Electricity production in January-March 2018 increased by 44.9 million kWh, to 9.946 billion kWh.

Transmission of electricity via distribution networks in Q1 2018 amounted to 11.961 billion kWh, which was 0.2% down y-o-y. The company's electricity exports to Hungary, Poland and Moldova increased by 17.4% to 1.498 billion kWh.