11:27 19.03.2021

Ukrtelecom posts UAH 642.73 mln of net profit in 2020

2 min read
Ukrtelecom posts UAH 642.73 mln of net profit in 2020

Ukrtelecom in 2020, according to unaudited data, received UAH 642.73 million of net profit, while in 2019 the company received UAH 934.1 million of loss.

According to the agenda of the meeting of shareholders scheduled for April 22, 2021, the issue of approving annual reports, including the financial results of Ukrtelecom for 2020 and 2019, has been included.

The company plans to allocate profit earned in 2020 to cover losses from previous years.

At the same time, according to Director for Corporate Communications at Ukrtelecom Mykhailo Shuranov, the operating activities of Ukrtelecom were profitable in 2019 and the company paid income tax in the amount of UAH 145 million.

"The loss recorded over 2019 was inflicted by non-operational financial adjustments under IFRS [International Financial Reporting Standards], including the results of the impairment test, which, in turn, is based on macroeconomic indicators. Successful implementation of large-scale projects, associated with the development of the optical Internet, as well as an increase in macroeconomic indicators will significantly improve the results of this test," he told Interfax-Ukraine.

The equity capital of Ukrtelecom in 2020 is UAH 8.319 billion.

Total accounts receivable for the year increased by 66.8%, to UAH 1.357 billion.

The company's assets as of December 31, 2020 increased by 13.8%, to UAH 12.4 billion (UAH 10.9 billion in 2019).

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