UkrSpetsExport's net profit drops 3.7 times in Q1 2022

MOSCOW. July 12 (Interfax) - The UkrSpetsExport state company for export and import of military and special products and services posted net profit of UAH 124.66 million in January-March 2022, or 3.7 times less than it did in the first quarter of 2021.

The intermediate financial report published by the company in the disclosure database of the National Securities and Stock Market Commission of Ukraine says that net revenue grew 2.4 times to UAH 41.24 million, while pretax revenue went down 19.5% to UAH 52.81 million.

The company's gross revenue decreased by 36.7% - to UAH 105.78 million, and UAH 52.1 million of operating profit was received vs. UAH 59.3 million a year earlier.

As of March 31, 2022, UkrSpetsExport's liabilities and guarantees stood at UAH 12 billion, including UAH 1.43 billion worth of unpaid bank loans (including UAH 322.8 million loan denominated in euros, and UAH 1.1 billion loan denominated in dollars, both are due to be repaid on March 2, 2023).

Back in March, UkrSpetsExport and its two subsidiaries - the Progress specialized foreign trade company and the SpetsTechnoExport foreign trade enterprise - were temporarily withdrawn from the Ukroboronprom state company and placed under the Defense Ministry's jurisdiction by the government.

The annual financial report of the company published in the database of the National Securities and Stock Market Commission of Ukraine says that the company's net profit dropped 2.2 times year-on-year to UAH122.28 million, while its net revenue grew 2% to UAH 2.015 billion.

The company had 427 persons in its employ at the beginning of this year.