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Ukrposhta suffered losses of UAH 128 million in the 1st quarter of 2021

Ukrposhta suffered losses of UAH 128 million in the 1st quarter of 2021
Ukrposhta suffered losses of UAH 128 million in the 1st quarter of 202105.05.2021

Over the same period in 2020, it received a profit of UAH 90 million. In total, Ukrposhta received a profit of UAH 9.2 billion in 2020. This is 19% more than in 2019 although in 2020 Ukrposhta had to spend UAH 75 million to purchase personal protective equipment and disinfectants for its employees.

In 2021, the company representatives point out that the state does not allow raising prices for the company's services. According to them, the losses were caused by the minimum wage increase. Starting from January 1, 2021 the minimum wage in Ukraine has been increased to UAH 6,000. At the same time, the company's labor costs have increased by 70%. What's interesting is that the number of small and medium-sized packages shipped in the 1st quarter of 2021 increased by 36% and 30%, respectively, compared to the same period of 2020. But over this period, Ukrposhta's work was still loss-making.