Business
statementsNaftogaz net loss widens 12-fold to $4.8 bln in 9M
Ukrainian national oil and gas concern Naftogaz Ukrainy saw its net loss widen 11.8-fold in January-September 2014 year-on-year to UAH 62.475 billion ($4.8 billion), informed Interfax-Ukraine.
Net revenue declined 4.1% to UAH 44.204 billion in the nine months, Naftogaz said on the National Securities and Exchange Commission's information disclosure system. The gross loss widened 530% to UAH 1.191 billion.
Revenue from sale of 20.7 billion cubic meters of gas accounted for 70.6% of total revenue. Transit of 50.23 billion cubic meters 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 UAH 10.879 billion, compared with a net profit of UAH 11.032 billion in the third quarter last year.
Third quarter revenue fell 22.3% to UAH 9.123 billion and the gross profit amounted to UAH 2.051 billion, down from UAH 3.5 billion in July-September 2013.
Naftogaz had UAH 40.48 billion in bank debt as of the end of September. Its debt on domestic bonds was UAH 4.8 billion and other liabilities totaled UAH 97.04 billion.
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