AzerGold sees decline in loss

As of January 1, 2018 AzerGold CJSC’s assets stood at $117.786 million, down 16.4% in comparison to a year earlier.

In 2017, AzerGold’s long-term assets rose by 3% to $102.931 million, current assets dropped by 63.7% to $14.854 million.

Liabilities fell by 27.9% to $116.589 million, including long-term liabilities slid by 20.3% to $107.502 million, while current liabilities descended by 66.2% to $9.082 million.

In the reporting period, $20.855 million-deficit in total capital was compensated by $1.203 million-capital.

Revenues from gold sale amounted to $77.306 million (no sale was carried out in 2016), base price of the sale was $62.288 million, other revenues stood at $150,000 (up about 50-fold), other operating costs made up $391,000 (up about 39-fold), revenues on restoration of depreciated loss - $14.081 million, common and administrative expenditures - $2.756 million (up about quintuple), financial expenses - $5.245 million (up about tenfold), revenues from saving profit tax - $1.2 million. Consequently, the company ended the year on net profit of $22.058 million, the loss of $22.152 million, which was accrued in the previous year, dropped to $94,000.

AzerGold was established on July 5, 2016, upon the President’s decree dated February 11, 2015. Authorized capital is close to AZN 2 million. 100% state-owned company is represented by the Ministry of Economy, Ministry of Ecology and Natural Resources, State Committee on Property Issues.