Azercosmos operates at profit

Azercosmos ended 2019 at AZN 3.6 million in profit, while it ended 2018 at AZN 6.5 million in loss.

Report informs that the incomes from the sale of services rose 41.2% to AZN 52 million, the base price of services went up 7.1% to AZN 38 million, general and administrative expenditures soared 21.5% to AZN 10.7 million, net impairment loss on receivables from trade surged 3.9-fold to AZN 621,000, financial incomes advanced 2.6-fold to AZN 12.2 million, financial expenditures ascended 2.6-fold to AZN 19.5 million, profit from sales on financial leasing agreements made up AZN 7.7 million, other incomes dropped 88.3% to AZN 447,000. The JSC did not pay profit tax.

As of January 1, 2020, the assets fell 3.8% to AZN 628.6 million, and liabilities slipped 10.4% to AZN 663.8 million.

The state-owned Azercosmos was established in 2011. The authorized capital is AZN 169.3 million.