President's Critical Remarks Discussed at ASR

Baku / 11.08.20 / Turan: An expanded meeting in the format of a videoconference was held at the Azerbaijan Railways CJSC (ASR) on the issues outlined in the speech of the head of state.

During the meeting, issues regarding the activities of ASR CJSC, voiced by President of Azerbaijan Ilham Aliyev on August 6, 2020, at a meeting on measures taken in the fight against coronavirus and the current socio-economic situation were discussed, the press service of ASR reported.

Chairman of ASR CJSC Javid Gurbanov voiced fair remarks of the head of state regarding efficiency issues, emphasizing the importance of improving the activities of ASR CJSC in this direction, as well as accelerating work in order to achieve new approaches to relations in the management system.

Within the framework of cooperation with the Asian Development Bank in the field of institutional reforms, work was done to improve corporate and personnel management, digital transformation, build a financial system that meets modern requirements, debt restructuring, etc.

As a result of the meeting, it was decided to take the necessary steps to speed up work in the directions indicated by the head of state, including conducting analytical work in order to increase the company's efficiency and optimize costs.

According to the financial report of ASR for 2018, its loan obligations at the beginning of 2019 amounted to 2 billion 724.1 million manats. The company's losses in 2018 amounted to 371 million manats and reached 1 billion 475.8 million manats.

Recall that on August 6, the head of state criticized state-owned companies, stressing that many of them operate at a loss, and their debt obligations are covered by the state budget: “New lines are being laid, new cars are being purchased, new locomotives, hundreds of millions of manats are allocated. And where is the benefit from this? After all, they should work with profit,” said Ilham Aliyev. ----08D--