In Azerbaijan, the state company first published annual balance sheet

State JSC Azerbaijan Railways published in the press consolidated financial statements for 2011, and certified by an independent auditor's report. For the first time in Azerbaijan a state-owned company published its financial balance.

 According to the balance in the 2011, the assets increased by 16.2% and reached 1 billion 061 million manat. Last year, the undistributed profit of the railway company was 29.5 million manat, which is 11.6 million manat more than in 2010. On 1 January, 2012 the obligation was up to 432.5 million manat.

According to the financial statement, in 2011 remittances amounted to 230.5 million manat. The cost of cargo and passenger traffic amounted to 164.7 million manat. Taking into account other income, administrative and emergency expenses, the profit tax totaled 14.5 million manat. The authorized capital is 599 million manats, the capital of CJSC Azerbaijan Railways on the 1st January 2012 was 628.5 million manat.

Audit company HLB Azerbaijan in its report dated June 20 said that the financial statements of JSC Azerbaijan Railways correctly reflects its financial condition in 2011.

In accordance with the law, public companies that are monopolistic entities should disclose in the annual balance sheet press. This requirement is not performed by the Azerbaijan Airlines and JSC Azeryolservis. Azersu has its financial report on its own website. 08D