DTEK Energy saw a net loss of UAH 16.522 billion in January-June 2020 compared with UAH 3.342 billion in net profit for the same period in 2019, according to the company’s report released on Monday.
The company’s revenue in January-June this year amounted to UAH 20.447 billion, which is 42.6% less than in the same period last year (UAH 35.626 billion, taking into account the revaluation).
According to the report, the gross loss amounted to UAH 0.732 billion compared with UAH 9.161 billion of gross profit in the first half of 2019.
DTEK Energy told Interfax-Ukraine that the company’s production and financial results continue to be affected by the systemic crisis in the energy sector.
Thus, in the first half of the year, coal production by the company decreased 23% compared to the same period last year, to 8.7 million tonnes, and electricity production decreased 36.2%, to 10.1 billion kWh.
An additional negative effect was caused by the depreciation of the national currency due to the general economic recession. Loss on exchange rate differences amounted to UAH 5 billion compared with a profit of UAH 2.6 billion in the first half of 2019.
“To normalize the operation of the energy market, it is necessary to remove restrictions that distort its operation and lead to an economic imbalance of the entire industry. Compliance with the principles of free pricing will make it possible to ensure financial recovery of both private and public generation,” DTEK Energy said.
