Arseniy Yatsenyuk: For 9 months of this year the largest state-owned companies earned profits worth UAH 2 billion

The Ministry of Economic Development and Trade of Ukraine has conducted an analysis of earning power of one hundred largest state-owned companies for 9 months of this year: "If in 2014, the net financial result, not taking into account Naftogaz and Ukrzaliznysia, was minus UAH 12 billion, for 9 months of this year the net financial result makes up plus UAH 2 billion", announced Prime Minister of Ukraine Arseniy Yatsenyuk at the meeting of the National Council of Reforms on Monday, December 14.

He stressed that one of the companies, "which have bailed out of the difficulties", is NJSC Naftogaz of Ukraine: "In the past year, the negative financial result of the company amounted UAH 88.4 billion. Over 9 months of the current year a positive result is UAH 233.6 million. For the first time in history of this company it has become breakeven".

Speaking about the activities of the National Nuclear Energy Generating Company Energoatom, Arseniy Yatsenyuk reminded that in the past year, its financial losses had amounted UAH 6.4 billion, while during the first 9 months of this year profits of Energoatom made up UAH 1.3 billion.

Arseniy Yatsenyuk also informed that the losses of Ukrzaliznytsya had reduced almost fourfold: "If last year the losses amounted UAH 15 billion, over the first 9 months of this year there is almost fourfold reduction - the losses amounted UAH 5 billion". According to the Minister of Infrastructure of Ukraine, at the end of the year,Ukrzaliznytsia “must reach zero balance”.

The profits of the Administration of sea commercial ports have also significantly improved: "If last year it demonstrated profits worth UAH 1.5 billion, this year it makes up already UAH 3.5 billion. In fact, the company demonstrates 2.5 times increase in the profitability."

The Prime Minister informed that the Odessa Port Plant for the first time in four years made a profit: "2013 – UAH 1 billion 143 million loss. 2014 – UAH 270 million loss. For the first 9 months of this year – 205 million (profit)".

The gain of Turboatom company over 9 months of this year has amounted UAH 1.2 billion against UAH 637mln last year; the Yuzhny trading port – UAH 795 mln against UAH 380 mln over the past year; the international airport Boryspil in the past year demonstrated losses of UAH 126 million, while during the first 9 months of this year it has made earnings worth UAH 467 million.

Arseniy Yatsenyuk stressed on a large problem in the financial sector: "Ukrinterenerho showed relevant gains while Ukrenerho company demonstrated significant unprofitableness. Among loss-making companies are coal enterprises".

"Our position is as follows. The adoption of legislation on privatization, the operation of the system to select independent Directors and amending appropriate legislation, applying the practice of NJSC Naftogaz of Ukraine regarding appointment of independent Directors to other public companies," he said.

 The Prime Minister also noted the necessity to create state-owned holding companies and to deprive of controlling by ministers the management of state-owned property, compulsory audit by international firms of all reporting documents of the largest Ukrainian companies.

Besides, Arseniy Yatsenyuk stressed the need to make a decision on the elimination of 1600 non-functioning state-owned enterprises.

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