Motor Sich posts 54% rise in consolidated net loss in Q1 2020
Net consolidated loss of PJSC Motor Sich (Zaporizhia) under international financial reporting standards (IFRS) in January-March 2020 totaled UAH 220.91 million, which is 54% more than a year ago.
According to financial statements of Motor Sich posted on its website on Tuesday, net revenue in Q1 2020 fell by 3.7%, to UAH 2.057 billion.
According to the results of January-March 2020, the unconsolidated net loss of the enterprise amounted to UAH 219.59 million, which is 36.3% more than in the same period of 2019, and net income decreased by 3%, to UAH 2.05 billion.
Motor Sich also said that in 2020, when carrying out foreign economic activity, the enterprise faced problems with obtaining permits from the State Export Control Service of Ukraine.
According to the balance sheet, in the first quarter, the volume of finished products increased by 7.9% to UAH 1.52 billion, and building in progress – by 3.7%, to UAH 11.38 billion.
Accounts receivable for the reporting period increased by 0.5%, to UAH 1.27 billion, and cash decreased by 34.9%, to UAH 491.9 million.
Due to the loss, retained earnings decreased in January-March this year by 1.1%, to UAH 18.93 billion. Long-term bank loans increased 15.7%, to UAH 194.6 million and short-term grew by 9.7%, to UAH 704.3 million.
PJSC Motor Sich is one of the world's largest manufacturers of engines for aircraft, as well as industrial gas turbine units. It delivers products to more than 100 countries.