Huge financial losses EVRASCON corporations in Kazakhstan

Eurasian Housing Corporation EVRASCON suffered losses amounting to 15 million manat in the reconstruction project Almaty-Kokpek-Chundzha-Koktal-Khorgos. This was held on June 22 general meeting of shareholders of the corporation said the chairman of EVRASCON Manaf Shirinov.

According to him, the cause of financial loss is unforeseen climatic conditions: winter this year in the Kyzyl Orda region of Kazakhstan was harsh - it came down to minus 40 degrees Celsius, leading to failure of the construction equipment. In addition, the government of this country has changed in the course of the project tender requirements previously set without compensation for financial losses.

Work began last year and will be completed in August this year. Total EVRASCON part in the project cost 60 million manat, said Shirinov.

According to Kazakh sources, the Azerbaijani-Kazakh joint venture JSC EVRASCON & LLC Mostotryad-1 was the winner of the lot number 7, providing the construction of bridges and overpasses on sections 171.1-214.3 and 214.3-259.30 km of Almaty-Khorgos. SP proposes to build the required road junctions in 6.8 billion. The bids of the other four participants reached 11.4 billion tenge.

In 2013, the share of contracts awarded corporation EVRASCON, performed on the territory of Azerbaijan and abroad amounted to 253.1 million (excluding VAT). In addition, it has implemented concrete and reinforced concrete structures totaling 1.1329 million manat. Pretax income is 3.93 million manat. Profit margin last year was 1.5%.

Currently, the company Deloitte & Touche audits financial statements for corporations EVRASCON 2009-2013. The corporation takes part in construction projects in Kazakhstan, Uzbekistan, Ukraine, Russia and Moldova. A project is to be conducted in Poland.

In circulation there are more than 180,000 ordinary shares of JSC EVRASCON (1 share - AZN 2), 51% of which belong to Ismail Efendi Ismiyev. - 08B-

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