Loss of Azerbaijan’s energy operator totals over 108B manats
Baku, Azerbaijan, May 15
By Maksim Tsurkov – Trend:
Azerenergy JSC, Azerbaijan’s electricity producer, completed 2016 with a loss of 108.93 million manats, according to the company’s report audited by Deloitte.
Revenues of Azerenergy amounted to 810.16 million manats in 2016. A major part of the company’s revenues (807.17 million manats) was obtained from the sale of electricity.
The company’s expenditures totaled 666.1 million manats. A major part of the expenditures accounted for the purchase of fuel – 371.02 million manats, for depreciation charges – 152.9 million manats, as well as for the payment of taxes, except for profit tax (21.57 million manats).
Operating profit of the company amounted to 144.06 million manats.
Meanwhile, losses of Azerenergy due to exchange rate differences amounted to 220.15 million manats in 2016, which led to a total loss of 108.93 million manats, while the company lost more than one billion manats due to the change in the exchange rate of the national currency in 2015.
Azerenergy’s loss totaled 870.53 million manats in 2015, while the revenues amounted to 733.76 million manats and expenditures – 697.2 million manats.
Assets of Azerenergy amounted to almost 4.3 billion manats with obligations of 2.86 billion manats in late 2016.
The company’s authorized capital remained unchanged – 1.76 billion manats.
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