REUTERS
The earnings of top 100 state-owned Ukrainian companies in January-September 2015 amounted to UAH 2.2 billion as compared to a loss of UAH 66.5 billion during the same period in 2014, as stated in a report of the Ministry of Economic Development and Trade that was published on its website.
According to the report, such result is attributed to improved financial performance of NJSC Naftogaz of Ukraine: the company reported a profit of UAH 0.2 billion over the first nine months of 2015, including due to raising tariffs for households and the industry as part of transition to market-level prices of natural gas. At this, the company’s financial result does not include write-offs of bad debts scheduled for late 2016.
According to the report, in January-September 2015, the growth of net profit indicators was recorded in all sectors, except coal mining and engineering. In addition, improved profit growth dynamic was demonstrated by Energoatom, which posted a profit of UAH 1.3 billion over nine months of 2015, against a loss of UAH 3.8 billion in the same period in 2014. Positive indicators of profitability were also demonstrated by Ukrenergo, which posted a net profit of UAH 0.4 billion (as compared with a net loss of UAH 0.4 billion), by Turboatom, which profit amounted to UAH 1.3 billion (against a loss of UAH 0.8 billion). State enterprise Ukrainian Sea Ports Authority posted UAH 3.5 billion profit (compared to a loss of UAH 1.2 billion). Public joint-stock company Agrarian Fund’s profit amounted to UAH 0.7 billion (compared to a loss of UAH 0.5 billion), while Odesa Portside Chemical Plant posted a profit of UAH 0.2 billion (against a loss of UAH 0.2 billion).
As of September 30, 2015, the book value of assets of state enterprises in Ukraine totaled UAH 926 billion, which was almost 45% higher than at the end of the third quarter of 2014. The growth was mainly due to an increase of the book value of oil and gas companies’ assets, namely due to revaluation of Naftogaz of Ukraine’s fixed assets, which grew from UAH 231 billion to UAH 488 billion.
It is also reported that during the first nine months of 2015 the overall level of debt of the top 100 state-owned companies in Ukraine increased by 26.7% to UAH 145 billion, compared to the same period of 20104. The overall of debt-to-equity ratio of the top 100 companies decreased from 36% to 24%.