Profitability of JSC Italdesign Falls

JSC Italdesign, which was led by the current Minister of Youth and Sports Azad Rahimov until 2006, announced the consolidated financial statements for 2015. This is the first step of the company for the whole period of its activity since 1997.

According to the report, in 2015, income from business activities amounted to 56.1 million manat, 22.8% more than in the previous year. Taking into account the costs (50.1 million manat) and other revenues, the operating profit of JSC Italdesign exceeded 6 million manat. At the same time, administrative costs (4.7 million AZN) almost doubled.

The company’s balance profit amounted to 1 million 139 thousand manat, 80,000 manat less than in 2014.

Return on economic activity of JSC Italdesign in 2015 was 2.4%, 0.7% less than in the previous year.

According to the report on financial flows, in 2015 JSC Italdesign paid taxes and so forth obligatory payments worth a total of 4 million 796 thousand manat. In 2014, the group’s expenses of the kind amounted to 914,000 manat.

Expenses for staff in 2015 amounted to 1,491,100 manat (+ 28%).

It is noteworthy that last year the company used 3 million 588 thousand manat of the profit, reducing its capital by 509,000 manat.

In 2015, Italdesign assets increased by 11% and amounted AZN 13 million at the beginning of 2016.

The company’s financial report received the Independent Auditors' Financial Report on September 21.

CJSC Italdesign is a representative of the world's leading product brands in Azerbaijan and has dozens of shops selling luxury goods. -------08B