Ukraine’s state-owned Naftogaz gas and oil company recorded a $685 million loss in 2020 after a profit of $93 million in 2019, the company’s CEO, Andriy Kobolev, said.

Kobolev said the company had actually recorded a profit in the first quarter of 2021. He declined to give further details, saying confidentiality was required as the company might place a Eurobond.

“The company pulled itself up off the bottom and started generating profit,” Kobolev said.

He blamed Naftogaz’s poor figures last year on low demand gas amid the COVID-pandemic, low world prices for gas and the need to create reserves to offset bad loans.