10:48 - 29.08.2024

---

August 29, Fineko/abc.az. Memorial Hospital LLC, also known as Memorial Klinik, which operates clinics in Azerbaijan's two largest cities, ended the year 2023 with losses due to increased cost of sales and personnel expenses, ABC.AZ reports.

According to the company's audit report, although the clinic's revenue slightly exceeded last year's figure by 0.3%, reaching 5,466,000 manats, the cost of sales surged by 38% compared to the previous year, amounting to 3,688,000 manats.

Administrative expenses, including staff costs, rent, and other expenses, reached 1,773,000 manats, a staggering 64% increase compared to the previous year. As a result, after accounting for all income and expenses, the company's loss amounted to 98,000 manats.

However, the clinic had published an excellent financial report in the previous year. The company's net profit reached 1,298,000 manats, with revenue of 5,447,000 manats.

Despite the recent setback, Memorial Hospital's balance sheet still boasts an accumulated profit of 7,064,000 manats.