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Ukraine's heavy truck maker AvtoKrAZ reports 4.6-fold rise in loss in 2016

Ukraine's heavy truck maker AvtoKrAZ reports 4.6-fold rise in loss in 2016Public joint-stock company AvtoKrAZ (Kremenchuk, Poltava region), the sole heavy truck producer in Ukraine, saw a 4.6-fold rise in net loss in 2016, reaching UAH 1.431 billion.

According to an announcement on holding the general meeting of shareholders scheduled for March 30, uncovered loss as of January 1, 2017, totalled UAH 1.872 billion compared to UAH 449.41 million a year ago.

As reported, in 2015 the plant saw a 2.4-fold rise in the loss on 2014, totalling UAH 313.91 million.

According to the announcement, current liabilities of the company in 2016 grew by 5.6%, to UAH 4.351 billion and noncurrent liabilities – by 6%, to UAH 1.839 billion.

The company saw a 4.2% rise in debts, to UAH 3.13 billion, and its assets narrowed by 17.8%, to UAH 5.042 billion.

Net worth as of January 1, 2017, was minus UAH 1.148 billion, while as of January 1, 2016, it was UAH 282.9 million.

The shareholders will discuss the reports of managing bodies of the company and reshuffle the supervisory board and audit commission.

The shareholders plan to consider the reorganisation of the company from the public JSC to a private JSC.

AvtoKrAZ makes 33 basic vehicle models, and more than 260 modifications and trim levels for civilian and military vehicles.

AvtoKrAZ is part of the Finance and Credit financial and industrial group, controlled by Ukrainian businessman Kostiantyn Zhevaho.
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