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Georgia's Mountain Resorts Development Company discloses revenues

Business Materials 15 January 2020 16:05 (UTC +04:00)
Georgia's Mountain Resorts Development Company discloses revenues

BAKU, Azerbaijan, Jan. 15

By Tamilla Mammadova – Trend:

In 2018, expenses of Georgian Mountain Resorts Development Company exceeded revenues, and as a result, the company ended the year with a loss of 16.4 million lari ($5.6 million), Trend reports citing the company's audit report for 2018.

Mountain Resorts Development Company is one of the largest state-owned companies in the country with the consolidated asset amounting to 367.2 million lari ($127.6 million).

The company's total revenue consists of surplus operating activities of the railways located in Gudauri, Bakuriani, Goderdzi, Khatsvali and Tetnuldi.

According to the audit report, the company's revenues include income from the sale of tickets - 11.3 million lari ($3.9 million), income from advertising rent – 461,724 lari ($160,456), and other income – 683,587 lari ($237,557).

The total revenue of the company was 12.4 million lari ($4.3 million).

The expenses of the company include depreciation and amortization, which amounted to 12.9 million lari ($4.4 million), while the labor costs amounted to 7.2 million lari ($2.5 million).

In 2015, the company installed two railways in the resort of Kokhta. In 2016, it built three railways in the resort of Mitarbi.

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