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Profit of Azerbaijan Caspian Shipping CJSC increases

Business Materials 9 May 2017 12:35 (UTC +04:00)

Baku, Azerbaijan, May 9

By Maksim Tsurkov – Trend:

The Azerbaijan Caspian Shipping CJSC increased its capital by 16.4 percent in 2016, according to the company’s financial report posted on its website.

During the period, total capital of the company rose from 693.37 million Azerbaijani manats up to 807.41 million manats. Meanwhile, the company’s share capital increased by 14.8 percent – from 383.42 million manats to 440.05 million manats during the period.

In 2016, assets of the company grew by 12.2 percent and amounted to 901.67 million manats. The main part of the assets – 74.2 percent, or 668.84 million manats accounted for long-term assets, which rose by 7.5 percent during the period.

Current assets of the company increased by 28 percent and totaled 232.83 million manats. The main part of the current assets was made up of trade and other receivables, which accounted for 61.5 percent of the total current assets (143.2 million manats).

The company completed the previous year with a net profit in the amount of almost 108.27 million manats, which exceeds the result of 2015 by 56.9 percent. Revenues of the Azerbaijan Caspian Shipping CJSC increased by 37.2 percent during the previous year and totaled 454.93 million manats.

Financial accountability of the Azerbaijan Caspian Shipping CJSC was audited by the UK’s Ernst & Young (EY) company.

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Follow the author on Twitter: @MaksimTsurkov

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