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Ernst & Young: Azerbaijan Investment Project makes an AZN 3.3 million net profit

18 February 2009 13:58 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. According to the 2007 audit of Azerbaijan Investment Company by Ernst & Young, the companyâ€™s net profit was AZN 3.317 million while the loss was AZN 256 000 in 2006.
For 2007, operating revenue was AZN 5.424 million, compared to AZN 456 000 in 2006.
Of the revenue, AZN 149 000 came from the related companies and AZN 5.275 million from interest incomes (an 11.5 times rise as against 2006).
The companyâ€™s expenditure was AZN 1.156 million in 2007, up 1.4 times as against 2006.
Of the expenditure, AZN 581 000 went to professional services (a 10.6% year-on-year decline), AZN 178 000 to paychecks (a 4.1 times rise), AZN 163 000 to rental costs (a 3.9 times increase), and AZN 234 000 to other expenses (a 4.7 times increase).
As a result, the companyâ€™s pretax profit was AZN 4.268 million, compared to AZN 327 000 in 2006.