Cabinet of Ministers orders Azerbaijan Railways’ capital increase

By: Nazrin Gadimova

The authorized capital of Azerbaijan Railways increased by 21.2 percent -from 599,000,000 to 726,146,366 manat under a decree of the Azerbaijani Cabinet of Ministers.

The number of ordinary shares worth two manat each increased from 299,500,000 to 363,073,183 units, the text of the Cabinet of Ministers’ decree, published on May 26 in the official press, shows.

Azerbaijan Railways’ revenues amounted to 223.1 million manat in 2013. The revenues were generated through freight (208.2 million manat) and passenger (14.9 million manat) transportation.

The company’s expenditures in 2013 reached 214 million manat, 73.3 million manats of which were directed to paying employees’ salaries, 53.1 million manat to purchasing goods and materials, 38.7 million manat to paying for the used electricity, fuel, and water, 15.3 million manat to paying the Social Protection Fund, and 4.1 million manat to paying the state budget in the form of tax payments.

The company’s net profit last year was nine million manat. Azerbaijan Railways transported 23.2 million tons of cargo and 2.5 million passengers in 2013.

SOURCE: AZER NEWS

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