Photo from UNIAN
The decision was taken at a meeting on May 20.
The Cabinet of Ministers, Ukraine's government, has approved Kharkiv-based JSC Turboatom's financial plan for 2020, which projects the largest turbine manufacturer's net profit at UAH 522.2 million (US$19.6 million).
The decision was taken at a meeting on May 20.
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"By implementing the draft act, JSC Turboatom will pay UAH 712.504 million (US$26.8 million) to the state in 2020; of the sum, corporate profit tax is set at UAH 105.365 million (US$4 million). Net profit is expected in the amount of UAH 522.201 million," according to the explanatory note to the government's resolution.
At the same time, the company plans net revenue from sales at UAH 2.83 billion (US$106.4 million).
UNIAN memo. Turboatom manufactures steam turbines for thermal power plants (TPP) and nuclear power plants (NPP), as well as hydro turbines for hydro power plants (HPP) and gas turbines for TPP. Turbine production is based on a closed cycle method: from engineering design and research to manufacturing, assembly, testing, and shipping.
The Kharkiv-based enterprise includes two special design bureaus, technological divisions, research laboratories, a procurement base, mechanical processing production facilities, as well as a facility for testing of power equipment. The State Property Fund of Ukraine owns a 75.22% stake in JSC Turboatom.