Naftogaz net loss widens 12-fold to $4.8 bln in 9M
KYIV. Oct 24 (Interfax) - Ukrainian national oil and gas concern Naftogaz Ukrainy saw its net loss widen 11.8-fold in January-September 2014 year-on-year to 62.475 billion hryvni ($4.8 billion).
Net revenue declined 4.1% to 44.204 billion hryvni in the nine months, Naftogaz said on the National Securities and Exchange Commission's information disclosure system. The gross loss widened 530% to 1.191 billion hryvni.
Revenue from sale of 20.7 billion cubic meters of gas accounted for 70.6% of total revenue. Transit of 50.23 bcm accounted for 24%. Gas sales rose 5.9% in the nine months, while transit revenue declined 19.7%.
The net loss in the third quarter alone was 10.879 billion hryvni, compared with a net profit of 11.032 billion hryvni in the third quarter last year.
Third quarter revenue fell 22.3% to 9.123 billion hrvyni and the gross profit amounted to 2.051 billion hrvyni, down from 3.5 billion hryvni in July-September 2013.
Naftogaz had 40.48 billion hryvni in bank debt as of the end of September. Its debt on domestic bonds was 4.8 billion hryvni and other liabilities totaled 97.04 billion hryvni.
The official exchange rate on October 23 was 12.9505 hryvni/$1.
