Ukrnafta sees loss in 2015 due to revaluation of assets

09:48, 18.02.2016 1 min read

Public joint-stock company Ukrnafta will see net loss in 2015 due to the revaluation of assets, while earlier the company planned to post profit, Ukrnafta Head Mark Rollins said at a press conference in Kyiv on Wednesday.

"Ukrnafta in 2015 would not see profit. We would have to report on loss due to the revaluation of assets being carried out, as oil prices have fallen. This does not mean that we did not have positive money flow," he said.

Rollins added that now Ukrnafta is conducting internal audit to define the lawfulness of signing contracts under which large debts were formed.

"We're studying the circumstances of signing these contracts, their conditions and possible ways to react," he said.

Rollins said that Ukrnafta's accounts receivable are around UAH 11 billion, while the company owes over UAH 10 billion to the national budget.

He said that Ukrnafta does not plan to write off its debts as bad debts.