Significant drop in assets of Khazar-Lada

Business Materials 1 June 2019 18:30 (UTC +04:00)

Baku, Azerbaijan, June 1

By Kheyraddin Nasirzade - Trend:

The total assets of Khazar-Lada amounted to 10.04 million manats at the end of 2018, which is 21.8 percent less than the figure for 2017, Trend reports referring to the data of the audited report conducted by the Audit Group company.

According to the report, in the structure of assets, fixed assets in the form of real estate and equipment amounted to 4.54 million manats, which is 5.7 percent less than in 2017. The volume of unsold products increased over the year by 25.4 percent to 1.99 million manats. Short-term receivables decreased by 17.8 percent, reaching 3.08 million manats. The volume of cash and cash equivalents experienced a sharp drop - by almost 11 times - to 428,200 manats.

Furthermore ,the total liabilities of the company decreased by almost 13 times. Short-term liabilities on interest expenses amounted to 500,000 manats, which is 2.4 times less than in 2017.

The total capital of the company increased by 1.7 percent, reaching 9.54 million manats. The authorized capital of the company remained unchanged, amounting to 445,800 manats. Capital reserves amounted to 8.45 million manats. Retained earnings coupled with previous years amounted to 644,200 manats.

The company's revenues amounted to 16.44 million manats last year, 14.98 million of which amounted to sales revenues. The company's expenses for the reporting period amounted to 16.17 million manats, of which the bulk of the expenditures consisted of 14.34 million manats worth of deductions. The remaining amount was used for administrative expenses, paid interest, depreciation and other expenses. As a result of the deduction of income tax in the amount of 54,100 manats, the company's net profit amounted to 216,600 manats.

Khazar-Lada JSC is engaged in the distribution and sale of products of Russia’s AvtoVAZ JSC (cars and spare parts) through its network of dealers and showrooms in Azerbaijan, and also provides maintenance services or VAZ cars.

Khazar-Lada JSC was registered on November 27, 1996.

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