The cost of credits at Belarusian banks is higher than the profit margin of the country’s mechanical engineering companies, Belarusian First Deputy Industry Minister Gennady Svidersky said.
Speaking about the financial position of mechanical engineering companies, the deputy minister said it was rather complicated, as the cost of credit resource still remained higher than the profit margin on product sales by mechanical engineering companies.
Despite certain difficulties, especially in July and August, some companies controlled by Belarus’ Industry Ministry have managed to improve their financial position. Belarus Metal Plant (BMZ, Gomel region) has started making profits after making the highest losses in Q1 2016. At the same time, global metal prices reduced by more than 7% in September – an external condition the Belarusian metal maker has to live up to, said Svidersky. BMZ will be in the black at the end of 2016, although certain tension is likely in Q4. (Prime-TASS/Business World Magazine)