Assets of Azerbaijan Caspian Shipping Company grow

Business Materials 26 April 2019 10:37 (UTC +04:00)

Baku, Azerbaijan, April 26

By Kheyraddin Nasirzade - Trend:

The total assets of Azerbaijan Caspian Shipping Company (ASCO) increased to 1.2 billion manats in 2018, which is 16.1 percent more than in 2017, Trend reports with reference to the company’s financial report audited by Ernst & Young (EY).

The biggest part of the company’s assets accounted for ships and other means amounting to 766.5 million manats (an increase of 14.4 percent over the year); intangible assets increased by 67.6 percent reaching 4.1 million manats; and long-term advance payments increased by 27.9 percent to 120.3 million manats.

The total volume of spare parts, fuel and other materials increased by 10.2 percent to 82.6 million manats. Trade and other receivables increased by 14.7 percent reaching 178.8 million manats. Tax receivables increased by 44.02 percent amounting to 22.03 million manats. The total liabilities of the company increased by 92.3 percent reaching 205.05 million manats.

The volume of long-term borrowings increased by 99.8 percent reaching 50.8 million manats. At different times, the bank attracted loans worth 42 million manats with an interest rate of 3.65 percent and a maturity date of August 2024.

The bank also raised loans worth $2 million (4.9 percent, October 2020), $10 million (December 2020) and $13 million (4.9 percent, June 2020). The volume of short-term borrowings increased by 5.2 times to 25.3 million manats.

Long-term reserves increased by 74.6 percent to 4.5 million manats. Deferred tax liabilities increased by 3.5 times reaching 14.1 million manats. The capital of the company increased by 7.3 percent to 990.98 million manats.

Compared to 2017, the company’s profit decreased almost by half, to 52.5 million manats.

(1.7 manats = 1 USD on April 26)

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