Baku, Azerbaijan, July 5
By Kheyraddin Nasirzade - Trend:
The net profit of Azersun Holding, a big holding in Azerbaijan, has decreased by almost 19 percent or 5.108 million manats, Trend reports with reference to the holding’s consolidated financial report prepared by Grant Thornton LLP.
The holding’s net profit as of December 31, 2018 amounted to 21.997 million manats. The revenues of the holding last year decreased by 7.9 percent, amounting to slightly more than 730 million manats. After deducting the cost of sales of 646.083 million manats, the total profit amounted to 83.919 million manats, which is 14.334 million manats less than in 2017. Expenditures on sales of products decreased by 7.1 percent, to 8.583 million manats. Administrative expenses increased by 9.2 percent, reaching 50.647 million manats.
Financial expenses increased by 804,000 manats, reaching 7.932 million manats. Profit from investments in affiliated enterprises decreased by almost three times, to 294,939 manats. The holding also suffered losses from exchange rate difference of 454,152 manats, which in 2017 brought a profit of 3.028 million manats. Other income increased nearly twice to 5.305 million manats.
The revenues were also obtained via sale of subsidiaries - 11.042 million manats, which wasn’t observed in 2017. Thus, pre-tax profit amounted to 32.945 million manats. After deducting income tax of 11.484 million manats, the holding’s net profit amounted to 21.997 million manats.
Azersun Holding was established in 1991. It includes agricultural enterprises, factories for the production of food products, paper and packaging, and trading companies.
(1.7 manats = 1 USD on July 5)
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