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Ukrainian Ports See Reduced Profit In Q1 2019, But Higher Investment

Ukrainian ports see reduced profit in Q1 2019, but higher investment

Ukrainian Ports See Reduced Profit In Q1 2019, But Higher InvestmentSource: Ukrainian Sea Ports Authority

Odessa, Ukraine (PortSEurope) May 17, 2019 – The Ukrainian Sea Ports Authority (USPA), the state agency which manages the country’s ports, has reported net profit of UAH 605.811 million, down 14.4% on the same period of 2018 (UAH 707.994 million).

The decrease in profits is due to an increase in operating costs, in particular for operating dredging, which was carried out in Q1 2019 in the ports of Kherson, Izmail and Mariupol.

“In the first quarter of 2019, USPA invested UAH 229.3 million in the development of the port infrastructure, which is three times more than in the first three months of last year. We are currently implementing eight major investment projects in ports. Five of them should be completed this year”, said head of USPA Raivis Veckagans.

The revenues of USPA for the reporting period amounted to UAH 1,792.321 million, which is UAH 137 million or 8.3% more than the same period last year.

Details of the AMP Financial Report for the first quarter of 2019 can be accessed here.

Source: USPA

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