12:40 - 7.04.2023

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April 7, Fineko/abc.az. "I have studied the financial statements of AZAL. The company posted its last report on the Internet for 2020. There are no financial statements for 2021 and 2022. According to general reports, AZAL's annual revenue really exceeds AZN 1 bn. But the costs are slightly less than AZN 1 bn," ABC.AZ informs, citing expert Ekrem Hasanov. 

He said that AZAL also ended some years with profit. According to Hasanov, income and profit are separate things, profit is obtained by subtracting expenses from income. 

"For example, we are ordinary citizens, someone receives salary of about 1,000 manats, this is his income, not profit. As he has monthly expenses. If citizen's monthly expenses amount to 700 manats, then his profit is 300 manats. And vice versa, if expenses amount to 1,100 manats, then 100 manats are additional losses. But where did he get 100 manats from? He either borrowed money from someone, or spent it from previously accumulated money. The same applies to AZAL and other companies. AZAL's financial statements show that in some years it had profit, that is, its income exceeded expenses. But in most years he worked at a loss, especially in previous years. And this damage is still accumulating. Let's assume that out of 10 years he worked for 8 years with loss and 2 years with profit. And that loss has accumulated over the years. Even if it has been operating at profit this year, the previous losses still lie on AZAL. And for this, as we have already said, there are two ways - either he must borrow money, or perhaps the state helped," the expert stressed.