Kharkiv Tractor Plant expects ten-fold fall in profit in 2015
KYIV. Dec 18 (Interfax-Ukraine) - PJSC Kharkiv tractor plant expects in 2015 to post a net profit of about UAH 40 million, which is more than 10 times less than in 2014 (UAH 445 million), company CEO Vladyslav Hubin has said.
"Last year, having updated the product line, we for the first time in many years after the disintegration of the Soviet Union gained net profit and we plan to post profit in 2015," he said at a press conference at Interfax-Ukraine.
At the same time, according to Hubin, the decline in profit compared to the previous year is primarily due to restrictions in trade between Ukraine and Russia over the introduction of prohibitive measures.
"Many businesses felt this because the goods turnover between the countries has halved," he said.
He noted that the plant was forced to halt the supply of components from Russia.
Hubin also said that this year the plant will produce about 1,600 tractors (originally it was planned to make 2,000), which is 10% more than in 2014.
The share of deliveries to the Ukrainian market in total sales amounted to about 15%.