Naftogaz writes off bad debts in Q4, 2015 - Economic Ministry

13:07, 17.02.2016 1 min read

National Joint-Stock Company Naftogaz Ukrainy in the fourth quarter of 2015 wrote off bad debts, which will significantly influence the company's financial performance, the press service of the Ministry of Economic Development and Trade has said.

"The improvement of Naftogaz's financial performance was due to the increase of tariffs for the population, which was held within the framework of transition to market prices for natural gas. This allowed the company in January-September 20158 to post a profit of UAH 200 million compared to a loss of UAH 60.2 billion during the same period in 2014. This figure does not include bad debts write-offs, which will be held at the end of the year," reads the statement.

Naftogaz confirmed writing off bad debts in the fourth quarter of 2015, however it has not reported the details.