BAKU, Azerbaijan, Oct. 16
By Klavdiya Romakayeva - Trend:
Uzbekistan Airways ended 2019 with a loss of 4.3 billion soums ($415,419), Trend reports referring to the company's data on the Single portal of corporate information.
Uzbekistan Airways was created at the end of 201. The first shares of the company were issued in October. The charter was approved in December, and the executive structure has been approved in January 2020.
At a meeting held on October 14, the head of Uzbekistan Airways, Rovshan Ismailov, was instructed to take measures to compensate the losses expensed in 2019.
Earlier, Uzbekistan Airways summed up the results of 1H2020. The company's revenue amounted to 1.7 trillion soums ($164 million). The coronavirus pandemic had a strong impact on the company — only 18 percent fell in the second quarter.
The net loss amounted to 767.7 billion soums ($74.2 million) or 43.3 percent of revenue. At the same time, total assets increased by 1.4 percent and amounted to 17.5 trillion soums ($1.69 billion), and equity capital increased by 2.9 percent to 5.79 trillion soums ($559 million).
At the end of May, Uzbekistan Airways and Uzbekistan Airports companies most affected by the quarantine were granted a deferral of loans for $122 million and tax breaks for more than 60 billion soums ($5.8 million) in order to mitigate the impact of the pandemic.
In addition, the Anti-Crisis Fund provided interest-free loans in the amount of $50 million as working capital.
---
Follow the author on Twitter: @romakayeva