Ernst and Young ends audit of Azerbaijani Investment Company

Business Materials 18 February 2009 13:56 (UTC +04:00)

Azerbaijan, Baku, Feb. 18 / Trend , N.Ismayilova/

Ernst and Young has finished auditing the Azerbaijan Investment Company (AIC) for 2007, AIC said in a message.

The AIC's 2007 assets hit 93.412 million manat compared to 89.776 million manat in 2006.

The AIC's share capital rose from 89.741 million manat to 93.058 million manat. A total of 3.058 million manat of retained earnings for 2007 contributed to the increase.

In 2006, the company experienced a 259,000-manat loss.

The AIC's 2007 revenue hit 5.424 million manat compared to 456,000 manat in 2006.

The AIC's 2007 operating expenses increased from 783,000 manat to 1.156 million manat.

The AIC's 2007 profit before taxation hit 4.268 million manat compared to a 327,000-manat loss in 2006. Its 2007 net profit hit 3.317 million manat after paying 951,000 manat in taxes.

The auditing was required to receive foreign loans to finance projects.

The AIC may invest a minimum of one million manat. The maximum limit for one project or affiliated structure is 20 percent of AIC's capital. Today, the limit is 18 million manat, but will vary depending on increases in AIC's capital.

The AIC was created by presidential decree on March 30, 2006.

On Feb. 18, the official exchange rate is 0.8063 manat to $1.

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