Ukrzaliznytsia raises funds on current account, cuts loan portfolio in 2016

PJSC Ukrzaliznytsia in the period from January 1 to December 20, 2016 increased the balance of funds on current accounts from UAH 3.2 billion as of January 1 to UAH 7.5 billion as of December 20.

According to the company press service, simultaneously it reduced the credit portfolio by nearly UAH 5.4 billion. Ukrzaliznytsia intends by the end of the year to reduce it by almost UAH 1 billion. So, at the beginning of 2016 the credit portfolio amounted to UAH 46.9 billion, whereas its size decreased to UAH 41.5 billion on December 20. At the same time, the company managed to reduce financial commitments by UAH 1.3 billion, to UAH 4.9 billion (excluding the debt of Donetsk Railways).

"The current balance of funds on the current accounts of Ukrzaliznytsia today completely covers the size of its financial liabilities, whose time of performance has come, and guarantees the stable operation of the sector. In particular, thanks to the balance on current accounts the company can promptly make capital investments, repair rolling stock, infrastructure, procure goods and services, and conduct a balanced financial policy. It managed to increase the balance of funds by optimizing costs and a prudent fiscal policy," company board member Oleksandr Buzhor said.