SFGCU gets almost $11.5 mln in net profit in 1H after 4 years of loss

The Corporation's revenue totaled UAH 6.08 billion ($235 million) in 1H 2017, which was 18.7% down y-o-y. Gross profit fell by 60%, to UAH 542.6 million ($21 million), while operating profit decreased by 58.3%, to UAH 179.9 million ($7 million).

Read alsoSFGCU doubles flour exports in 2016-2017 MYAs UNIAN reported earlier, the SFGCU in 2016 posted UAH 770 million ($30 million) in net loss, which was 82.8% down against 2015.

The SFGCU has shown negative financial performance over the past four consecutive years. In 2012, it attracted a $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 one of the Chinese banks. 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.

Read alsoUkraine not to sell State Grain and Food Corporation in 2017The 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 a 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.