By KYIV. May 12 (Interfax-Ukraine) – JSC Ukrposhta in January-March 2023 reduced its net loss by 38% compared to the same period in 2022 – to UAH 403.8 million, increasing net income by 24.7% – to UAH 2.78 billion.
“The hostilities continue to have a negative impact on the country’s economy as a whole and lead to a reduction in the company’s operations and, as a result, to incurring losses from activities at the reporting date,” the company said in a quarterly report on its website.
Gross profit of Ukrposhta in the first quarter of 2023 amounted to UAH 57.7 million against UAH 197.3 million of gross loss in the first quarter of 2022.
As of March 31, 2023, the company’s current liabilities exceeded its current assets by UAH 1.23 billion, while as of March 31, 2022, this figure was UAH 1.98 billion.
During January-March, Ukrposhta fulfilled its financial obligations in a timely manner and as of March 31 has sufficient net cash receipts to continue fulfilling its debt obligations to creditors.
According to the company’s management, significant uncertainty remains regarding the development of the Russian military invasion, its duration and, accordingly, the impact on the company’s operations, its personnel, liquidity and asset preservation.
Ukrposhta also announced that it continues to implement key strategic investment projects, in particular, to automate stationary post offices, complete the transition to mobile offices in rural areas (with financial support from the European Bank for Reconstruction and Development), implement an ERP system and upgrade critical IT systems.
The company clarified that in the first quarter of 2023, some 11 base points began work, at which 108 mobile branches began to work as part of the Rural Branch project.
