Business news from Ukraine

SON OF UKRAINIAN MOTOR SICH’S PRESIDENT BOHUSLAYEV BUYS ISLAND IN ITALY

The son of Motor Sich’s Honorary President Oleksandr Bohuslayev has bought the Gallinara Island in the Ligurian Sea near the Italian Riviera from several owners for more than EUR 10 million.
According to the Italian newspaper Corriere della Sera’s website, the deal on the acquisition was concluded by the Galinette company from Monaco, belonging to a 42-year-old native of Zaporizhia with Grenada citizenship, Oleksandr Bohuslayev, allegedly the son of PJSC Motor Sich’s honorary president, MP Viacheslav Bohuslayev.
According to the publication, the turtle-shaped island, about 0.5 km long, is located 1.5 kilometers from the coast between the towns of Albenga and Alassio and is a nature reserve closed for tourists. The island was previously owned by wealthy Italian bankers.
“Significant debts to the tax authorities, partners’ economic problems – the sale [of the island] is overdue. Bohuslayev entered into negotiations in May, and on July 17 the deal went through. Ideally, Bohuslayev can now plant a Ukrainian [or Grenada] flag on the top of the turtle island,” the article says.
PJSC Motor Sich is one of the world’s largest manufacturers of aircraft engines, as well as industrial gas turbine plants. The company delivers its products to more than 100 countries worldwide.
Until recently, the largest individual shareholder of PJSC Motor Sich was the company’s Honorary President, MP Viacheslav Bohuslayev, who in 2016 declared the reduction of his stake in Motor Sich from 15.8% to 1%. He also included in the income earned in 2016 the investment income from the securities trader Motor-Dealer owned by PJSC Motor Sich in the amount of about UAH 1.07 billion.

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MOTOR SICH POSTS 54% RISE IN CONSOLIDATED NET LOSS IN Q1

Net consolidated loss of PJSC Motor Sich (Zaporizhia) under international financial reporting standards (IFRS) in January-March 2020 totaled UAH 220.91 million, which is 54% more than a year ago.
According to financial statements of Motor Sich posted on its website on Tuesday, net revenue in Q1 2020 fell by 3.7%, to UAH 2.057 billion.
According to the results of January-March 2020, the unconsolidated net loss of the enterprise amounted to UAH 219.59 million, which is 36.3% more than in the same period of 2019, and net income decreased by 3%, to UAH 2.05 billion.
Motor Sich also said that in 2020, when carrying out foreign economic activity, the enterprise faced problems with obtaining permits from the State Export Control Service of Ukraine.
According to the balance sheet, in the first quarter, the volume of finished products increased by 7.9% to UAH 1.52 billion, and building in progress – by 3.7%, to UAH 11.38 billion.
Accounts receivable for the reporting period increased by 0.5%, to UAH 1.27 billion, and cash decreased by 34.9%, to UAH 491.9 million.
Due to the loss, retained earnings decreased in January-March this year by 1.1%, to UAH 18.93 billion. Long-term bank loans increased 15.7%, to UAH 194.6 million and short-term grew by 9.7%, to UAH 704.3 million.
PJSC Motor Sich is one of the world’s largest manufacturers of engines for aircraft, as well as industrial gas turbine units. It delivers products to more than 100 countries.

UKRAINIAN MOTOR SICH AIRLINE CANCELS MOST FLIGHTS FROM KYIV TO ODESA AND LVIV

Motor Sich airline cancels most flights from Kyiv to Odesa and Lviv, focusing on flights from Zaporizhia to Kyiv and Minsk (Belarus).
According to the airline’s Facebook page, flights to Kyiv will be operated twice a day, to Minsk four times a week.
The airline said flights from Kyiv to Odesa and Lviv were canceled from November 9 to December 20. At the same time, the number of flights from Zaporizhia to Kyiv and Minsk doubles.
Motor Sich airline is a structural subdivision of PJSC Motor Sich (Zaporizhia), an enterprise developing, manufacturing, repairing and servicing aircraft gas turbine engines for airplanes and helicopters, as well as industrial gas turbine units.
Currently, the airline operates a fleet of nine aircraft, carrying out regular passenger international and domestic flights, passenger and cargo charter flights, as well as special flights that support the operations of the main company.
The airline’s base airport is Zaporizhia International Airport.

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MOTOR SICH TO RESUME KYIV-UZHGOROD FLIGHTS FROM JUNE 3

Motor Sich airline from June 3, 2019 will resume Kyiv-Uzhgorod flights, Sikorsky Kyiv international airport has said on its Facebook page.
Flights will be operated on Mondays, Wednesdays and Fridays with departure from Uzhgorod at 7:00 and arrival at the Kyiv airport at 9:00. In the opposite direction, departure from Kyiv is scheduled for 18:30, arrival in Uzhgorod – at 20:30.
Flights will be serviced by the Yak-40 plane.
Air tickets are already available on the airline’s website.
As reported, Motor Sich airline from May 11, 2019 stopped servicing the Kyiv-Uzhgorod flight.
As reported, the flight was launched on March 15, 2019. Ukrainian President Petro Poroshenko and Infrastructure Minister Volodymyr Omelyan attended the launch ceremony.

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