Poroshenko's partner Bogdan Motors reduced its losses by 2,5 times.

by Editor • 26.07.2016 • 0 Comments

Bogdan Motors, a public joint-stock company owned by Petro Poroshenko's business partner and deputy head of the National Security and Defense Council, Oleh Gladkovsky, reduced its losses by 2,5 times in the first and second quarters of 2016 compared to the same period in 2015.

At the same time, Bogdan Motors' net income decreased by 16% to UAH 168,19 million, while gross profit in the first half of 2016 was UAH 25,95 million, compared to UAH 70,76 million in the first two quarters of 2015. It was also reported that the company's operating losses amounted to only UAH 140 million. This figure is 2,5 times lower than the figure for the same period in 2015.

Bogdan Motors Corporation is the only Ukrainian automaker participating in the investment program. The corporation includes two auto plants located in Lutsk and Cherkasy. It was previously reported that, amid the 2015 crisis, Poroshenko's partner's corporation suffered a consolidated net loss of UAH 810,74 million.

As a reminder, Oleh Gladkovskyi was appointed First Deputy Secretary of the National Security and Defense Council by presidential decree on February 17, 2015. He is a member of Petro Poroshenko's inner circle. The Ukrainian President previously reported that he sold his stake in Bohdan Motors to Gladkovskyi back in 2009. However, media reports indicate that Petro Poroshenko owns a portion of Bohdan Motors shares through a number of companies.

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