JSC AtaHolding first time since 2008 balance sheet profit repelled

One of the famous groups of companies in Azerbaijan, JSC AtaHolding has published annual financial report for 2013, according to which its balance sheet profit amounted to 2.5673 million manat. This is the first result of the activity profitable nominal holding since 2008.

Pretax income was holding almost entirely used to pay tax on the profits. As a result of this and other financial phenomena holding a net loss for 2013 amounted to approximately 6,100 manat. All in compliance with the audit report of Deloitte & Touche, unpaid losses JSC AtaHolding on 1st January 2014 have exceeded 41 million manat. A total equity holding of just over 73 million manat.

For 2013 JSC AtaHolding assets grew from 315.5 million to 436.5 million manat.

Last year, the group lost control of one of its subsidiaries (JSC Zeyemkendmash), without getting extra cash.

Holding was established in 2003 and it consists of several financial institutions (AtaBank, AtaSigorta, AtaLeasing), as well as companies in the tourism, ICT, industry, etc. He also owns a 49% equity interest in JSC Bank VTB (Azerbaycan).

This year, shareholders holding registered capital increased to over 100 million manats. The founders are three foreign companies that are controlled by the daughters of the President of Azerbaijan. - 08B -