You're reading: Bogdan Motors posts 54 percent fall in loss in January – June 2015

PJSC Bogdan Motors Automobile Company, combining the production assets of Bogdan Corporation, one of the leading Ukrainian automakers, in January-June 2015 saw a net loss of Hr 350.94 million, which is 54.3 percent less than for the same period in 2014.

According to a company financial report in the information disclosure system of the National Commission on Securities and the Stock Market, its net income for the period amounted to Hr 199.95 million, which is 33.5 percent less than in the same period last year.

The company’s liabilities as of July 1, 2015 reached Hr 4.8 billion, in particular Hr 3.22 billion accounts for the outstanding debt on bank loans maturing by late 2015.

Taking into account the previously announced performance of the company in January-March this year, in April-June it recorded a net profit of Hr 178.6 million against a loss of Hr 150.44 million in the second quarter of 2014, while net income decreased by 45.7 percent, to Hr 92.02 million.

Bogdan Motors combines the production assets of Bogdan Corporation. However, the automobile plant which manufactures passenger cars in Cherkasy continues to stand idle after the sharp drop in the car market of Ukraine due to a lack of demand in difficult economic and political conditions in the current year. The bus plant in Lutsk also remains idle.

In January-June 2015, Bogdan Motors plants only produced 13 vehicles against 2,000 during the same period in 2014.