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Azerbaijan's postal operator completes 2019 with profit

Economy Materials 4 November 2020 18:22 (UTC +04:00)
Azerbaijan's postal operator completes 2019 with profit

BAKU, Azerbaijan, Nov.4

By Fidan Babayeva - Trend:

Azerbaijan’s Azerpost LLC under the Ministry of Transport, Communication and High Technologies disclosed a financial statement for its activity in 2019, Trend reports.

According to the statement, the company finished 2019 with a net profit of 2.7 million manat ($1.5 million), while in 2018 it faced a loss of 1.15 million manat ($680,000).

Last year, the company’s incomes made up 45.1 million manat or $26.5 million (1 percent less than a year before), the cost of services - 26.3 million manat or $15.4 million (decrease by 10.8 percent), and other operating incomes - 3 million manat or $1.7 million (up by 2.9 times).

In 2019, operating expenses of Azerpost amounted to 18.4 million manat or $10.8 million (growth by 2.2 percent), loss from revaluation of currency positions -46,000 manat or $27,000 (drop by 6.5 times), financial incomes - 61,000 manat or $35,800 (6.2 times more year on year), and income tax payments - 601,000 manat ($353,500), which is a spike of 12.7 times.

As of January 1, 2020, assets of the company reached 186,361 manat ($109,620), showing a growth of 26.6 percent compared to 2018.

Meanwhile, the company's liabilities increased by 40.2 percent and amounted to 127.1 million manat ($74.7 million), while the balance capital edged up by 4.8 percent year on year up to 59.2 million manat ($34.8 million).

Azerpost LLC was established on the basis of the Azerpost State Enterprise, which has been operating since 1999. Its authorized capital is nearly 73.3 million manat ($43.1 million).

(1 USD = 1.7 manat on Nov.4)

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Follow the author on Twitter: @Fidan_Babaeva

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