Holcim Azerbaijan reports record $100 m loss as spiraling debt adds to strain

Holcim Azerbaijan reported the biggest annual loss in its 17 year old history. The net loss was  AZN 99,138,957 the largest cement producer in Azerbaijan Holcim Azerbaijan said in a statement.

In 2015, Holcim Azerbaijan’s assets increased 8.17% to AZN 362,947,000. Company says though the current assets increased from AZN 34.607 mln to AZN 43.322 mln, the long-term assets dropped from AZN 360.295 mln to AZN 319.625 mln.

 

Majority of the long-term assets includes property, plant and equipments worth AZN 301.771 mln, while it was AZN 348.439 mln last year.

 

Commercial debts and receivables made AZN 21.281 mln as at the end of 2015, while they made AZN 14.339 mln in the beginning of 2015. Tax debts increased 12 times from AZN 410,241 to AZN 4,894,116.  

 

Long-term liabilities soared 85.77% to AZN 171,942,039, current liabilities surged 12.76% to AZN 42,828,199.

 

Authorized capital remained unchanged at AZN 31,812,880, total capital slid 44.54% to AZN 148,176,937.