Net income of Baku Electricity Distribution Company tripled

The electricity distribution network of Bakielektriksebeke published the annual financial report for 2012, according to which the company's net profit for the year increased by three times compared to 2011 and amounted to 26.3 million manat. The volume of supply of electricity decreased 2.5%. Audit report was submitted by LLC Audit-Service.

In 2012, Bakielektriksebeke gave consumers of electricity for a total of 391.5 million manat. In this case, the cost of services totaled 390.2 million manat. Thus, the total profit of the Company from the sale of electricity amounted to 1.3 million AZN, while in 2011 the figure was 42.8 million manat. Last year, operating income of Bakielektriksebeke totaled 65.5 million manat. With operating expenses (selling, administrative and other operating expenses), the book profit of the company amounted to 32.9 million manat.

As of January 1, assets of Bakielektriksebeke exceeded 1 billion manat, increasing by 4.4%. With authorized capital of 255.3 million manat, the retained profit reached 154.7 million manat.

At the beginning of this year, short-term accounts receivable of Bakielektriksebeke reached AZN 472.5 million, an increase of 13 million manat. Short-term debt at the same time made 355 million manats.

In the report there is no information about the cause of such a huge amount of debt, as the situation with the payment of the cost of electricity in recent years has improved significantly. Most consumers use smart meters. - 08C-