You will not believe, but … AZAL worked at a loss

“Azerbaijan The weather Yollari ”(AZAL) Closed Joint-Stock Company (CJSC) 2020Finance for the year reportannounced

The net loss of the company decreased by 3% to 76.4 million manat.

In 2019, the company reported a net loss of 78.7 million manat. In general, the accumulated loss of AZAL is 1.7 billion manat.

2020Its direct revenues from the COVID-19 pandemic in 1 billion 8.4 thousand manat (593.1 million dollars) 335.2 million manat (197.1 million dollars) decreased to.

Pandemic losses compensation To do so, the government paid a total of more than 232 million manat in subsidies to the airline that year.

In addition, 2020AZAL’s operating expenses for the year are 540 million manat (317.6 million manat) dollars) passed.

CJSC’s assets decreased by 5 percent to 1,978 billion manat, liabilities decreased by 1.5 percent to 2.757 billion manat.

The report states that by 2021 10 During the month, AZAL’s revenues amounted to 383.2 million manat.

Economist’s opinion

Economist Natig Jafarli attributed the loss-making operation of AZAL to inefficient management.

He said that the company is a monopolist in Azerbaijan, and ticket prices are too high.

“However, in 2020, AZAL received a subsidy of 232 million 82 thousand manat from the government in connection with COVID-19,” he said.