KIEV, April 26 – Even as the government prepares to sell off the state monopoly, Ukrtelecom is hemorrhaging money.

According to a company quarterly report posted at the State Commission for Securities and the Stock Market, the company saw net losses more than quintuple year-over year, to UAH 200.23 million.

The report said that the company's total revenue in Q1, 2011 fell by 15.9% compared to the same period in 2010.