Azerishig company became unprofitable in 2015

State energy distribution company Azerishig disclosed its financial and economic indexes in year 2015.

According to this data, last year the energy company with 100% state capital had finished with losses.

In 2015 the company’s net loss totaled 31,287,000 AZN against profit of 5,189,000 AZN in 2014.

Undistributed profit of Azerishig dropped by 2.4 times from 120,036,000 AZN to 50,136,000 AZN.

Meanwhile, last year Azerishig’s assets increased from 1,322,973 AZN to 2,027,923 AZN, while authorized capital – from 623,534,000 AZN to 1,319,208,000 AZN.

In 2015 the company’s accounts receivables increased from 465,364,000 AZN to 524,257,000 AZN. The operator considers part of the debt suspicious from the viewpoint of perspective of collection fees and created the reserve to the amount of 26,213,000 AZN.

In 2015 cost price of electric energy increased from 377,751,000 AZN to 679,953,000 AZN. Considering accounts receivables, the operator could collect only fees for only 22.8% of sold electric energy, reported abc.az portal.

However, electric energy sales increased from 427,254,000 AZN till 756,785,000 AZN. Considering accounts receivables, the collection of monthly fee constituted only 31.7% of the volume of sales.

Turan would like to remind that Azerishig is unable to repay its debts to Azerenerji for the electric energy from the power stations. By the end of quarter 1, 2016 the company owed SOCAR about 350 million AZN for the gas deliveries. Thus, there is violation of financial discipline between the state enterprises in the country.—0—