Corporate profits started to recover in April, the last month with available data, but profits are running at slightly over 50% less than 2019 in March and April on a cumulative basis.
However, the monthly profits show more encouraging signs. Corporate earned RUB961bn in March and RUB1,547bn in April. While the March figure was significantly down from the RUB1,389bn companies earned in March 2019, the April result was more or less on a par with April 2019's figure of RUB1,593bn.
As the cumulative profit chart shows, profits have started to recover but remain just below the recession year levels of 2016-2018 and are half those of the first year of strong growth in 2019. This crisis has undone much of the progress made in the one year of strong growth Russia enjoyed in 2019 until the next crisis hit.
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