Baku Metro posts wider net loss in 2024 as asset impairment costs surge

Baku Metro CJSC ended 2024 with a net loss of 139.6 million manats ($82.1 million), up 81.6% from a year earlier, Report cited the company’s financial statements as saying.

Accumulated losses rose by 4.7% to more than 3.11 billion manats ($1.82 billion).

Passenger transportation revenues increased by 20.6% year on year to 100.6 million manats ($59.2 million) in 2024. State budget subsidies climbed 30.2% to 50 million manats ($29.4 million), while other operating income fell 4.4% to 5 million manats ($2.9 million).

The metro operator said expenses related to impairment of fixed assets jumped 86.6% to 148 million manats ($87.1 million). Personnel costs rose 15.4% to 86.3 million manats ($50.8 million), while electricity expenses increased 3.7% to 13.9 million manats ($8.2 million).

As of Jan. 1, 2025, Baku Metro’s total assets stood at 418.8 million manats ($246.4 million). Liabilities rose 34% to 33.3 million manats ($19.6 million), while equity declined 1.1% to 385.5 million manats ($226.8 million).