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4.3.2 Corporate profits dynamics
Russian restaurants and bars lost almost a quarter in revenues over the first three weeks of October 2020 in annual term, the largest Russian fiscal data operator Platforma OFD says in its research available with TASS.
“Sales of restaurants and bars turned out to be 22% lower within the period of October 1-20, 2020 against the like period in 2019. The average purchase amount is 933 rubles ($12.1), 9% above the last-year figure,” the research says.
The decline in cafes and canteens’ sales was 20% year-on-year. The average purchase amount totaled 350 rubles ($4.5), up 9% against the like period of the last year. Restaurants and cafes also experienced the sales drop by 15% year-on-year in September 2020.
The average bill was 950 rubles ($12.3) in restaurants, which is 10% above the last-year level. Sales in cafes and canteens dropped by 17% but the average bill gained 13% annually to 368 rubles ($4.5).
The coronacrisis has cost Russian companies RUB3.8 trillion ($47bn) in lost profits this year as of August this year, the latest data available.
Russian companies emerged from the crisis at the end of June, but there is a
44 RUSSIA Country Report November 2020 www.intellinews.com
