Scope of Works of LLC AzVirt Grew by 39%

In 2014 the road construction company AzVirt increased the volume of work performed by 39%. However, due to growth of the costs the net profit fell by 7.7%.

According to the consolidated financial statements, in 2014 operating income of Ltd. AzVirt rose from 401 million to 556 million manats. The share of Azerbaijan was 84.8% of the revenues. In tyhe structure of construction works the airline AZAL share accounted for 93 million manats, and that of Azeryolservis was 350.8 million manats.

Taking into account the cost of the work, the company earned 21.7 million against 24 million in 2013. After deducting other operating, selling, marketing, administrative and other expenses and the payment of tax on profits (1.7 million manats) at the disposal of the company's owners there was left 8 million 652 thousand AZN or 720,000 manats less than in 2013.

In 2013, the shareholders were paid dividends totaling 5.7 million manats, in 2014 - 24.3 million manats. At the beginning of this year, there was 8.4 million AZN of retained earnings.

Ltd. AzVirt was established in June 1995 by the Executive Power of Baku (40% interest), the State Concern AZAL (11%) and Wirtgen International GmbH (49%). In 2004, the privatization of the company was carried out.

AzVirt has subsidiaries in Serbia (Avvirt Balkan Construction) and Romania (AZROM International Construction), as well as subsidiaries in Kazakhstan and Latvia.

Its shareholders are two German citizens, Falcom Holding (Luxembourg) and a citizen of Azerbaijan. ----08B