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The State Food and Grain Corporation of Ukraine (SFGCU) reported a UAH 770 million net loss, which is 82.8% down from 2015, Acting Chairman of the SFGCU Board Oleksandr Hryhorovych said, according to the agency's press service.
As reported, the corporation's revenue in 2016 amounted to UAH 13.1 billion, which is 5.6% up from 2015, while gross profits grew by 7%, to UAH 2.2 billion. In 2016, the SFGCU made UAH 957 million in operating profit against UAH 119 million in operating loss in 2015.
The positive trend indicates a significant increase in the Corporation's efficiency, the report says.
Read alsoUkraine not to sell State Grain and Food Corporation in 2017As UNIAN reported earlier, the SFGCU has shown negative financial results over the past four consecutive years. In 2012, it attracted a US$ 3 billion loan from the Export-Import Bank of China, of which only $500 million was used; $1 billion remained in the deposit account in Ukreximbank, while another $1.5 billion is stored in a Chinese bank. The corporation has already paid $200,000 for storing the funds. One of the reasons of company losses is reported to be the need to service the currency loan under the contract with the Chinese side, while the SFGCU said it did not intend to use the loan funds.
The State Food and Grain Corporation of Ukraine is a vertically integrated company that performs the complete cycle of operations with cereals and processed products, ranging from production to exports. The SFGCU has 55 branches, with total working capacity of 3.75 million tonnes of crops, including total capacity for handling the exports via Odesa and Mykolaiv seaports of about 2.5 million tonnes of grain cargoes per year.