Ukrnafta worsened profit prognosis in 2017
Ukrnafta 4 times reduced profit evaluation for 2017
Ukrnafta revised downward net profit for 2017 (from UAH 444 million to UAH 102 million). It was reported by the company.
The release reads the adjustment of financial reporting related to recalculation of receivables book value under advance payments and retrospective depreciation of the whole amount.
During the meeting held in June, Ukrnafta's shareholders obliged CEO Mark Rollins to adjust financial reporting for 2017 in accordance with comments of PWC audit company.
The decision stated the PWC conclusions evidence about no sufficient and appropriate reasons to accept and account advanced payments for oil products delivery in 2015 to the total amount of UAH 14.13 billion and UAH 2.97 billion book value (as at the end of 2017).
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