Net profit of Uzavtosanoat decreased in 2011

Business Materials 24 May 2012 21:10 (UTC +04:00)

Uzbekistan, Tashkent, May 24 / Trend D. Azizov /

Uzavtosanoat joint-stock company (Uzbek Automobile Factory), which unites enterprises of the automotive industry of Uzbekistan, in 2011 reduced net profit by 2.7 percent compared to the same period in 2010 - to 15.518 billion soums, according to the company's balance sheet, published in the media.

According to the report, the income of Uzavtosanoat from operating activities rose last year by 32.7 percent - up to 32.906 billion soums, profit from operating activities amounted to 2.859 billion soums compared to 8.6 billion sums a year earlier (three times less).

Income from financial operations increased by 77.9 per cent - up to 20.849 billion soums.

Expenditure of Uzavtosanoat in the reporting period increased by 85.6 percent and amounted to 30.047 billion soums, including expenses from financing activities increased by 3.2 times - to 6.287 billion soums.

The assets of Uzavtosanoat on the basis of 2011 increased by 20.6 percent - to 2.563 trillion soums, including long-term assets increased by 35.5 percent - to 1.598 trillion soums, current assets - by 1.9 percent, to 964, 25 billion soums.

The amount of liabilities of the company grew last year by 60.9 percent - up to 99.549 billion soums. In particular, long-term liabilities increased by 19.3 percent - up to 60.361 billion soums, current liabilities - by 2.9 times, up to 33.187 billion soums.

The authorized capital grew by 44.9 per cent - up to 341.971 billion soums as of early 2012. In the structure of the company's authorised capital State owns 100 percent of the shares.

Uzavtosanoat was established in 2004 on the basis of the Uzavtosanoat association. The company includes 20 enterprises, including 16 joint ventures.

The largest enterprises are the JV GM Uzbekistan (formerly UzDaewooAuto, Andijan region), producing cars, LLC Samarkand Automobile Factory, which produces buses and trucks, and the plant of automobile engines GM Powertrain Uzbekistan. The structure of joint-stock companies also includes companies that specialize in the production of components for the automotive industry.