State-run JSC Reaches Minimum Profit

The state-run JSC Agroleasing activity for the first time since 2005 has reached net profit of 829.5 thousand manats.

The company based on public funding implements in leasing of machinery, equipment, fertilizers and livestock, as well as orders of farmers planting crops and harvesting.

The company announced at the corporate website (http://agrolizing.gov.az/hesabat/h2014.pdf) financial statements certified by an independent auditor's report.

In 2014, operating income of Agroleasing amounted to 129.3 million manats, increasing by 48.5% compared with the previous year. At the same time the cost of work performed amounted to 122 million manats. Thus, it had profits in the amount of 7 million 266.8 thousand manats, which is 1.7 million manats more than in 2013. Taking into account the administrative costs and depreciation of assets, net profit amounted to 829.5 thousand manats, while in 2013 the JSC suffered a loss of 2 million 144.5 thousand manats.

As of 1 January 2015 the total amount of losses of Agroleasing constituted 10.5 million manats.

At the beginning of this year, the assets of Agroleasing were estimated at 526.4 million manats, increasing by 21.6%. Of these, 336 million manats accounted for long-term debt sales in the leasing of agricultural machinery, fertilizers, etc.

Last year, the authorized capital of JSC Agroleasing increased from 159,500,000 to 194.5 million manats. ----08D