BAKU, Azerbaijan, Jan, 9
By Eldar Janashvili - Trend:
The Compulsory Insurance Bureau of Azerbaijan ended 2018 with 3 million manat ($1.7 million) net loss, while 2017 ended with 545,700 manat ($321,000) profit, Trend reports referring to the audited report of Bureau.
Operating profit reduced twice, amounting to 3.29 million manat ($1.9 million) and was formed due to profit from calendar fees of 7.8 million manat ($4.6 million) (annual increase by 4.2 percent), compensation expenses of 643,900 manat ($378,764) (dropped by 20 percent) and expenses for compensation reserves in the amount of 3.95 million manat (over $2.3 million), a source in the Bureau said.
Net financial profit dropped by 10.8 percent and amounted to 995,800 manat ($585,764).
General and administrative expenses amounted to 2.55 million manat ($1.5 million) (dropped by 6.2 percent) at the end of 2018.
Income taxes amounted to 5.47 million manat (over $3.2 million) for 2018.
(1 USD = 1.7 manat on Jan. 9)
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