You're reading: Yanukovych: Losses on Naftogaz’s balance sheet almost come to $6 billion

The losses on national joint-stock company Naftogaz Ukrainy's balance sheet have come to almost $6 billion, Ukrainian President Viktor Yanukovych said at a press conference on the results of the EU-Ukraine Summit in Kyiv on Monday.

"Naftogaz currently doesn’t have a financial balance and Ukraine doesn’t have $500 million monthly to cover the losses. This means that means that in 2010, even though we received a $100 discount according to the Kharkiv agreement worth $3 billion, we now have almost $6 billion in losses on Naftogaz’s balance sheet," he said.

Yanukovych added that these losses are "a burden on Ukraine’s financial system and state debt," which is, in fact "the ruination of the country."

He said that, by signing the gas supply agreement in 2009 with Russia, Ukraine received one of the highest gas price rates even in comparison with EU countries.

It was earlier reported that Naftogaz Ukrainy’s unconsolidated net profit for July-September 2011 according to Ukrainian accounting standards came to Hr 16.699 billion, which is 630% more than the third quarter of 2010. Net revenues from sales of goods and services increased during this period by 19.7% to Hr 17.8948 billion.

The Ukrainian state holding posted Hr 17.18928 billion in net profit for January-September 2011 compared to Hr 1.4059 billion in net losses for the same period of 2010. At the same time, the company’s financial results for the first nine months of 2010 showed that it closed that period with Hr 680.21 million in net profit for the period.

The company’s net revenue for January-September increased by 25.9% (by Hr 15.462 billion) to Hr 75.1369 billion.

Naftogaz Ukraine closed 2010 with net losses at Hr 21.43135 billion compared to 1.2586 billion in net profit for 2009. At the same time, net revenue last year increased by 21.49% to Hr 91.2581 billion.