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State Food and Grain Corporation of Ukraine cuts net loss by 98% in H1 2021
KYIV. Aug 26 (Interfax-Ukraine) – JSC State Food and Grain Corporation of Ukraine in the first half of 2021 reduced its net loss by 97.5% compared to the first half of 2020 – from UAH 3.47 billion to UAH 0.087 billion, while in the second quarter of this year, the corporation saw UAH 0.057 billion in net profit – for the first time since 2013, the corporation wrote on Facebook on Thursday.
"It is worth noting that since 2013, the activities of JSC State Food and Grain Corporation of Ukraine have been unprofitable. The financial burden, the Chinese loan, had a significant impact on the company’s financial results. In addition to the cost of servicing the loan, the financial result was influenced by exchange rate fluctuations," the corporation said.
According to the corporation, it received UAH 87 million in net loss in the first half of the year, while for the same period last year. The net loss amounted to UAH 3.47 billion. At the same time, the company’s net profit in the second quarter of 2021 amounted to UAH 57 million versus UAH 144 million of a net loss in January-March.
The corporation said that the loss in the first half of 2021 was one of the smallest for the period of servicing the loan since 2014. At the same time, the corporation’s revenue in the specified reporting period grew by 36.7% compared to the first half of 2020, to UAH 5.7 billion.
The corporation was established by the government of Ukraine in August 2010.
