Assets of Baku Metro Exceed 2 Billion Manat

The revenues of CJSC Baku Metro in 2014 amounted to 80.4 million manats, which is about 9% more than in the previous year. For the year subsidy from the state budget (over 36 million manats) increased by 17.2%.

Today, on July 10 the full financial report was released, according to which, even with the subsidies, its financial losses last year amounted to 27.5 million manats. This is 3.7 million manats less than in 2013.

Last year, the cost of the purchase of supplies (11.4 million manats) decreased by 14%. At the same time, energy costs (7.5 million manats) increased by 8.4%. On the payment of wages and social security contributions (42.8 million AZN) there was spent 4.9% more than in 2013.

In 2014, the development of the Baku Metro was invested 388.2 million manats, which is 6.5% less than in 2013. It is noteworthy that despite the huge capital investment, there has not been commissioned any new station in Baku since 2011. Delivery of two new stations (Bus Station and Ajami-2) was planned for December 2013. Recently, it was reported that it will not happen this year, "due to financial problems."

At the beginning of the year the retained loss of CJSC Baku Metro reached 283.5 million manats.

It is noteworthy that in 2014, the Metro’s accounts receivable increased 10 times and exceeded 60.3 million manats.

In 2014, the state invested 231.6 million manats in the capital of CJSC Baku Metro and brought it up to 2 billion manats. 08D