Business news

MINSK, 3 October (BelTA) – The profitability of woodworking enterprises making part of the holding company Development Bank of the Republic of Belarus reached 13.5% over eight months this year, Executive Director of the bank Irina Konepo told the Belarus 1 Channel, BelTA has learned.

In 2007 the head of state ordered to upgrade the physical infrastructure of woodworking companies of Bellesbumprom Concern and to create new modern production facilities that would manufacture innovative and import-substituting products. Nine factories became the core of the upgrade effort.

Assets of the core factories, except for Ivatsevichdrev, were placed under the operational management of the Development Bank with a view to resolving financial issues. Afterwards, woodworking enterprises were brought under the umbrella of the holding company. At the same time they remained part of Bellesbumprom Concern. “In 2017 the companies doubled export to European countries. In January-August 2018 the export rose by 50%. Over this period their profitability stood at 13.5%. We can say that they have passed the hardest phase of the crisis,” Irina Konepo said.

Borisovdrev is among the upgraded enterprises. “For the first time in the past six years we have produced positive earnings. This year the company’s output has expanded 1.6 times; the export has risen, too. We sell to 19 countries,” Borisovdrev Director General Gennady Sysoyev said.