Transport company BakuBus finished year with loss


BakuBus has summed up the results of its activity for the past fiscal year.

Company’s annual report says that as of 1 January 2017 Baku Bus’ assets reached AZN 226.14 million that is by 7.7% less compared to the indicator by 1 January 2016.

"Baku Bus’ general obligations for 2016 fiscal year decreased by 9.8% and amounted to AZN 177.967 million, overall capital grew by 0.85% up to AZN 48.177 million and authorized capital reduced by 39.8% and totaled AZN 18.049 million," the report says.

According to the Company, in 2016 operating income from passenger transportation amounted to AZN 12.629 million, operating expenditures AZN 28.39 million, administrative expenses AZN 4.48 million, foreign exchange loss AZN 31.86 million, payments on profit tax AZN 40,000.

"As a result, Baku Bus completed the 2016 fiscal year with a net loss of AZN 54.638 million that is by 42.6% less than in 2015. In order to cover losses, the state has invested AZN 181.697 million in the company,” the report says.