The total revenues for local mobile operator LLC Azercell Telecom amounted to 433,290,000 manat (minus 5.5%), and the expenses were 274 831 000 manat (minus 10.3%).
According to the consolidated statement of the financial position of the company last year, the net profit stood at 128.56 million manat. At the same time the operating profit by 1 January amounted to 158.45 million manat. The income tax expense amounted to 32,590,000 manat (minus 3.6%).
The assets of Azercell have grown to 716,762,000 manat (+ 21.7%). This was done mainly at the expense of almost tripling the current assets - up to 224,595,000 manat, while the non-current assets declined slightly to 492.17 million manat.
Symbolically (0.7%) decreased the liabilities - to 74.2 million AZN, but the equity grew by 25% - up to 642.56 million manat.
The authorized capital of the company was unchanged at 42,080,000 manat.
LLC Azercell Telecom (a subsidiary of the Swedish-Finnish group TeliaSonera) was established in 1996. It is the largest mobile service provider with a share of 53% in the local market and covers 99.8% of the republic's territory.
The total number of its subscribers is 4.5 million. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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