13 May 2011 14:14

Nadra Ukrainy posts some profit for Q1

KYIV. May 13 (Interfax) - Nadra Ukrainy posted 4,000 hryvni (7.9785 hryvni/$1 on May 13, 2011) in net profit according to Ukrainian accounting standards for January-March 2011 compared to 10.877 million hryvni in net losses for the same period of 2010, the company said in a statement.

The statement said that gross losses in the first quarter dropped by 22.4% to 3.472 million hryvni.

Nadra Ukrainy's net profit came to 5.012 million hryvni for 2010 compared to 34.999 million hryvni in net losses for 2009.

The Ukrainian government formed Nadra Ukrainy in October 2000 for the purposes of boosting efficiency in state management of geological survey companies. The company is 100% state controlled.