Huge losses at Baku Electricity Grid

JSC Bakielektrikshebeke (Baku Electricity Grid) published in print an annual financial report (unaccompanied by an audit opinion). According to it, financial losses in 2013 exceeded 30 million manat with profit on sales of about 51 million manat.

In 2013, the city electric power sold a total value of 402 342 400 manat, which is 2.7 % more than in 2012. Cost of sales amounted to 351.3 million manat. Profit for the supply of electricity amounted to 50.9898 million manat, 49.686 million manat more than the previous year. In 2012 JSC Baku Electricity Grid had other operating income in the amount of 65.5 million manat, with the help of which it gained net profit in excess of 26 million manat.

Last year, the cost of maintaining JSC increased compared with the previous year by 15.3 million manat and reached 49.2 million manat.

It is noteworthy that short-term accounts receivable city mains at the beginning of this year amounted to 472.5 million manat, which is more that the amount of electricity sold.

In previous years, JSC worked with profit. As of 1st January 2014 retained earnings amounted to 112.6 million manat. JSC assets for the year increased by 9.2 % and were brought to 1 billion 165.4 million manat.

Last year 162 million AZN was invested in the development of Baku Electricity Grid. -08D-