Ukrnafta's net profit plummets by 113 times

"In the first half of 2019, Ukrnafta maintained profitability despite the negative situation with prices for oil and gas on the domestic market. At the same time, the company's key financial results decreased. Net income reached UAH 13.9 billion, net profit - UAH 18.2 million," the report says.

The company notes that the financial results were affected by the negative situation in the oil and gas markets during the first half of 2019.

"The average weighted cost of oil sold was $60.4 per barrel, or 10.1% less than in the same period of 2018, and the average weighted cost of natural gas sold was UAH 7,409 per 1,000 cubic meters, or 18% less than in the same period in 2018," the company said.

During the period under review, Ukrnafta also reduced sales of light petroleum products, including due to lower demand for gasoline on the Ukrainian market. At the same time, it increased the stock of petroleum products expected to be sold in the future.

op