Ukrposhta reports $330 million net income, profit drops

State postal operator Ukrposhta generated $333 million in net income in 2020, twice as much as it was five years ago and 19% more than it was in 2019, Ukrposhta reported on March 15.

However, its net profit fell dramatically from $21 million in 2019 to $6 million last year. Ukrposhta blames it on unforeseen spendings during the pandemic. For example, it spent $2.7 million on personal protective equipment like masks and gloves alone.