17:13 - 1.07.2024

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July 1, Fineko/abc.az. In Agro Dairy LLC, despite revenue growth in 2023, the operation was completed with losses because of losses on biological assets. Over the past year, losses have increased significantly compared with the previous year.

ABC.AZ reports that in 2023, the agricultural company received revenue from contracts for 56.84 million mantas (54% more versus 36.97 million manats in 2022).

However, the cost of sales amounted to 59.39 million manats. Thus, the company suffered a total loss of 2.55 million manats, whereas in 2022 the total profit amounted to 6.12 million manats.

In addition, during the revaluation of biological assets and agricultural products, damage was caused in the amount of 11.4 million manats.

The company's operating loss totaled 10.59 million manats (2022: 290,000 manats).

The company's increase in additional financial expenses last year from 16.21 million manats to 21.56 million manats supported the growth of net loss.

An external audit recognized the net loss of Agro Dairy LLC for 2023 in the amount of 32.14 million manats. In 2022, the damage amounted to less than 16.39 million manats.