Revenues of Azerbaijan's Wood Group company decrease
Baku, Azerbaijan, Oct. 18
By Matanat Nasibova - Trend:
From January through September 2019, sales revenues of Azerbaijan's Wood Group company engaged in the sale of materials for furniture production, decreased by more than 50 percent compared to last year, a source in the company told Trend Oct. 18.
During the reporting period, a sharp decline in sales was observed from early June through October this year, according to the source.
“On average, the company receives about 10 million manat ($5.894 million) per year from sales,” said the source. “This year, this figure was less than 5 million manat ($2.947 million).”
“As a rule, sales increase from the first months of the summer season, and remain stable until November,” the source noted. “This year, the opposite situation is observed, over the summer period, not only sales decreased, but also the number of appeals to the company for the provision of services, in particular for cutting, installation, gluing, ordering kitchen furniture of various sizes, engraving, etc. On average, the company implements about 10-12 such orders daily.”
The decline in sales and services of the company has been observed for the past two years, according to the source.
“The company buys furniture materials mainly in the Russian, Turkish and partly in the Chinese market,” the source added. “The greatest demand is mainly observed for Russian-made furniture materials, since they are relatively cheaper than Turkish and Chinese products, and aren’t inferior in quality.”
The source also noted that recently there has been a relative decrease in activity in Azerbaijan’s construction market, and this affects the level of sales of the company.
($1 = 1.7 manat on Oct. 18)