Ukrzaliznytsia Expects Losses In 3Q 2017

21 August 2017 16:47

The Ukrainian Railways public joint-stock company (Ukrzaliznytsia) expects losses of UAH 1,192 billion in the third quarter (July-September). This is stated in Ukrzaliznytsia’s explanatory note to the redraft of its financial plan for 2017.

According to the document, the company made a profit of UAH 12.774 million in the first quarter and a profit of UAH 233.702 million in the second quarter.

Ukrzaliznytsia expects to return to profit in the fourth quarter (UAH 1.005 billion).

In general, the company expects to make a net profit of UAH 59.8 million in 2017.

According to the document, the company expects to make a profit at the end of the year if freight tariffs are raised. According to the company’s plans, freight tariffs should be raised in October.

As reported, Ukrzaliznytsia stated earlier that it made a net profit of UAH 122.5 million in the first half of 2017 based on the international financial reporting standards (IFRS). However, Minister of Infrastructure Volodymyr Omelian questioned this statement, claiming that Ukrzaliznytsia actually made a loss. Ukrzaliznytsia rejected the minister's claim.