Naftogaz sees net loss of UAH 17 bln in Jan-Sept
The net consolidated loss of the Naftogaz group in January-September 2020 amounted to UAH 17.034 billion compared to a net profit of UAH 21.31 for the same period last year.
"For the nine months, reported loss was UAH 17.0 billion, compared with a profit of UAH 12.9 billion for the same period in 2019, excluding discontinued operations [gas transit transferred from January 1, 2020 to GTSOU], reflecting lower demand and gas prices," the company said in a statement Thursday.
According to the report, in the third quarter of this year, Naftogaz's net loss from continuing operations was UAH 5.49 billion, which is 61.8% more than in the third quarter of last year. The group said that if we exclude the profit from transit during this period in 2019, then the increase in loss will not be so significant – 14.6%.
"Operating cash flow for the quarter was UAH 0.5 billion, compared with a negative operating cash flow of UAH 12.6 billion in Q3 2019 (excluding discontinued operations). For the nine months in a challenging environment, operating cash flow was UAH 16.1 billion, almost in line with the operating cash flow of UAH 16.9 billion in the same period last year," Naftogaz said.