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Net profit of Uzbek joint venture decreases by more than 12% in 2013

Business Materials 17 April 2014 17:23 (UTC +04:00)

Tashkent, Uzbekistan, April 17
By Demir Azizov- Trend:

Uzbek-German joint venture "Deutsche Kabel AG Tashkent" reduced net profit by 12.1 percent - to 27.418 billion soums on the results of 2013, according to the balance sheet of the company.

The assets of the joint venture decreased by 18.3 percent - to 115.459 billion soums last year, including long-term assets - 33 per cent (up to 21,871 billion soums), operating assets - 14 per cent ( to 93.587 billion soums), the report said.

The report also said that the fixed assets of the joint venture increased by 5.9 percent - up to 19.215 billion soums for the reported period, capital expenditures decreased by 5.6 times ( to 2.6 billion soums), accounts receivable increased by 63.8 percent (up to 26.657 billion soums) .

Net revenues from sales of enterprise products decreased by 24.1 percent - to 106.56 billion soums in 2013, the cost price of production - by 25.4 percent (to 70.04 billion soums).

The report does not presents data on the volumes of production in physical terms last year.

The obligations of the joint venture decreased by 3.5 times - to 11.127 billion soums, according to the report.

Own funds of the joint venture increased by 1.3 percent - up to 104.332 billion soums with relevant authorized capital in 2012 in the amount of $ 744.441 million soums and the added capital (2.61 million soums), as well as reserved capital - 85.61 billion soums (0.6 percent decrease) and unallocated profit - 17,975 billion soums (11.4 percent growth).

"Deutsche Kabel AG Tashkent" JV was established in 1999 on the base of the Electrosignal (Tashkent), which is engaged in the development and production of special cables and wires. The joint venture produces various cable products, medium-carbon steel wire and LAN cables.

The German Falk-Porsche-Technik GmbH's -the main shareholder of the company possess 95.6 percent of shares of the company.

At present time, there are four enterprises on cable manufacturing in Uzbekistan, including the largest manufacturer of cable and wire products in Central Asia - "Uzkabel" JSC (Tashkent).

The official exchange rate on April 17 is 2272.02 soums / $ 1.

Translated by S.I.
Edited by C.N.

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