Azercell Telecom LLC announced the financial report for 2016, according to which the revenues of the mobile operator (AZN 392 million) decreased by 4.4%.
Last year, mainly due to a 21.7% increase in costs, the company's profit amounted to 134.7 million manat, 184 million manat less than it was in the previous year.
It is noteworthy that Azercell paid a tax on profits in the amount of 52.3 million manat, which amounted to 39.5% of the profit, while the rate of this tax is 20%.
Azercell's assets by the beginning of this year approached 1 billion manat. The undistributed profit of the company is AZN 806 million.
Azercell Telecom LLC is owned by Azertel Telekomunikasyon ve Yatırım Dis Ticaret A.S (Turkey). The main share in this company belongs to the Swedish Telia Company. -0 ---
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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