REUTERS
The financial document will allow UkSATSE to continue the development of the Ukrainian air navigation system.
Ukrainian Prime Minister Oleksiy Honcharuk says the Cabinet of Ministers has approved the financial plan of the Ukrainian State Air Traffic Services Enterprise (UkSATSE) for 2020 with UAH 148 million (US$6.08 million) in net profit.
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"The planned number of flights for 2020 is 11% up from the indicator set for 2019. In addition, the company plans to get UAH 148 million in net profit. It is also planned to channel more than UAH 1.2 billion [US$49.3 million] into the national budget and trust funds," he wrote on Telegram on January 24.
According to Honcharuk, UAH 347.7 million (US$14.3 million) in long-term loan funds is expected to be borrowed under loan agreements concluded between UkSATSE and the European Bank for Reconstruction and Development (EBRD) or the European Investment Bank (EIB). The money will be spent on upgrading Ukraine's air navigation system.
Moreover, the company plans to attract UAH 919.2 million (US$37.8 million) in capital investment to ensure flight safety this year.
The financial document will allow UkSATSE to continue the development of the Ukrainian air navigation system and carry out business activities in line with the planned financial and economic indicators, the official added.
As UNIAN reported earlier, the financial plan of UkSATSE for 2019 provided for UAH 130 million (US$5.3 million) in net profit.
UNIAN memo. UkSATSE, which is a base of the national Air Navigation System and the Joint Civil-Military Air Traffic Management System of Ukraine (JCMS), was established in 1992. The main tasks of the enterprise are the following: air traffic services, airspace management and air traffic flow management in Ukraine's airspace; arrangement and provision of Communications/Navigation/Surveillance (CNS) and power supply system support for air traffic services and flight operations; provision of activity and development of the Joint Civil-Military ATM System Units; arrangement of alerting services and participation in search and rescue operations; and provision of airspace users with aeronautical information.