Garadagh profits

Garadagh profits
Published: 11 May 2004

The undistributed profits of Garadagh Cement reached AzM 42055.944 mn last year as against AzM 13814.076 mn by the beginning of last year, Azer-press learned from representatives of Garadagh Cement. This information is based on the balance audit completed by the auditor by the name of Namig Abbasov.  The profits were insufficient for disbursement of the dividends for last year because the capital of the joint-stock company would have been reduced then. The capital of the company rose from AzM 172878.476 mn to AzM 201120.344 mn while the authorised capital remained unchanged and equalled AzM 159064.4 mn last year.  Garadagh Cement spent AzM 77586.469 mn on covering the losses of the previous years last year, which reduced the debt liabilities of the company from AzM 91400.545 mn to AzM 29805.637 mn. At the same time, the long-term debt liabilities of the company rose from AzM 174340.207 mn to AzM 181257.856 mn last year.