Ministry of Communications of the Russian Federation: the IT industry will become unprofitable in June
The Russian IT industry is already facing losses in the 2nd quarter of this year. According to the forecast of the Ministry of Communications, IT companies will lose 30 billion rubles due to the coronavirus.
Vedomosti learned about this from a letter from the Ministry of Communications to the government apparatus and the Ministry of Economic Development.
Consequences of the crisis
Already in April-July, the net profit of the industry risks falling to zero. Soon after, IT companies may go into negative territory, trying to pay off loans and other debts. Their revenue for April has already fallen by 40%. At the moment, large and medium-sized organizations alone owe banks 261 billion rubles.
At the same time, the biggest blow fell on IT companies that supply goods and services to corporate clients. The reason is the bankruptcy of the clients themselves.
Also, in the second quarter, the gross value added of the sector may decrease by 100 billion rubles, and the intensity of investments — up to 4% (instead of 11% for 2019).
Last month, the Ministry of Communications presented additional measures to support such companies during the pandemic. If they are not accepted, the profit of the IT sector will collapse by 30 billion rubles by the end of the year – up to 93 billion rubles.
The crisis is also hitting employment in the Russian IT sector. In the second half of the year, 27 thousand people out of 1.45 million employed in companies may lose their jobs. According to the forecast of the Ministry of Communications, it will be possible to reach the pre-crisis level of employment in IT only in three years.
It should be noted that the IT sector is still not in the Russian register of industries affected by the COVID-19 pandemic. Although measures to support the segment are included in the package of the most priority orders of the Ministry of Communications. You can read it here.
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