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Azercosmos finishes 2013 with losses

19 September 2014 17:31 (UTC+04:00)
Azercosmos finishes 2013 with losses

By Nigar Orujova

Azerbaijan's Space Agency Azercosmos finished 2013 year with 8.1 million manats profit and 554,000 manats' income from sales. The loss of the year exceeded 42.3 million manats compared to 2.25 million manats in 2012.

State-owned agency, established in 2010, is the first satellite operator in Caucasus. It was established to launch into telecommunications satellites, manage and implement maintenance activities.

The agency's activities of the last year have been audited by EY. The international auditor confirmed decrease in Azercosmos's assets by 17.2 percent from 209.9 million manats to 173.7 million manats due to their depreciation by 36.1 million manats.

Depreciation costs caused sudden increase of the satellite operator's unprofitability. If net operational loss of Azercosmos totaled 8.1 million manats, depreciation brought this loss before taxation up to 48.3 million manats, 3.9 million manats of which are administrative expenses.

Long-term assets amounted to more than 162.1 million manats at the end of 2013, which is 18.87 percent lower than in 2012.

The total assets and liabilities of the agency at the end of last year amounted to 173.7 million manats.

As a result, accumulated losses of Azercosmos increased from 3 million manats to 45.3 million manats, which negatively affected its capital.

Last year's capital of Azercosmos reduced from 57 million manats to 22 million manats, though its charter capital remained at the level of 40 million manats and additional capital grew from 20 million manats up to 27.4 million manats.

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