Scope of Work of Road Construction Company Decreased by Half

The company AzVirt published the annual report for 2015, according to which, it had a net profit of about 9 million AZN. At the same time profits were made not at the expense of core operating activities, but from interest on bank deposits.

According to the report, in connection with the completion of many projects in the past year, Ltd. AzVirt carried out works worth a total of 238.2 million manats, 57.2% less than in the previous year. Most of these works (94.7%) are road construction activities. In this activity the company has gained 227.7 million manats. At the same time 43.2% of the work was performed outside of Azerbaijan.

By leasing property the company gained 5.9 million manats, and for consulting services - 4.5 million manats.

At the end of 2014 the company's shareholders received a dividend in the amount of 24.3 million manats, and in 2015 - 15.7 million AZN. As of January 1, the company retained earnings in the amount of 9.3 million AZN.

The shareholders of the company AzVirt are two citizens of Germany (20% and 30% share each), one Azerbaijani citizen - 25% and the company Falcom Holding s.a.r.l. - 25%.

Assets of Ltd. AzVirt are estimated at 177 million AZN. The company has offices in four countries (Serbia, Kazakhstan, Latvia and Romania), two subsidiaries in Serbia (Azvirt Balkan Construction) and Romania (AZROM International Construction).    ----08D