JSC Azersu Reduced Direct Costs for Water Services

The state monopoly of water supply, JSC Azersu published the annual financial report for 2015, according to which the state company losses amounted to AZN 540.9 million, 39% less than in 2014.

In 2015, the water company saved AZN 139 million from the services provided, AZN 2 million less than in 2014. Thus the cost of the sales amounted to 77.2 million manat, decreasing by 10.7 million manat. At the same time, the annual administrative costs (31.1 million manat) increased by 4.3%. The costs of sales and distribution of water fell from 94.9 million to 89.4 million manat.

As a result of the devaluation of the national currency in 2015, the loss of Azersu exceeded 130.7 million manat.

With the authorized capital of 400 million AZN, the negative equity of Azersu exceeds 355 million manat.

By law, all public companies are required to disclose audited financial statements on the expiration of 4-6 months of the financial year. Unlike previous years, JSC Azersu violated this requirement. In the report there is also no independent auditor's report.    -----08B