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Profits down at Davachi Broiler

by 5m Editor
6 July 2011, at 9:35a.m.

AZERBAIJAN - The country's top poultry producer has announced a decline in profits and dividends.

The main producer of chicken meat in Azerbaijan, Davachi Broiler OJSC, has announced the results of its financial performance for 2010, reports ABC of Azerbaijan.

DB reports that last year's retained earnings fell from 18.128 million manat (AZN) to AZN16.793 million that did not prevent to accrue dividends of AZN4 million.

The company's assets reduced from AZN34.358 million to AZN32.909, including the cost of land, buildings and equipment from AZN7.6 million to AZN7.366 million.

The DB equity capital remained unchanged at the level of AZN3.582 million, while tax liabilities decreased from AZN147,976 to AZN146,196. Last year, payable bills totalled AZN434,247 and accounts receivable AZN4.085 million.

Among the DB shareholders are 11 individuals and two legal entities. At that, Hidayat Guliyev holds a 37.31 per cent stake, Baku Investment Company 37.3101 per cent, and Azerbaijan Investment Company 25 per cent. DB itself has a 50 per cent stake in Ozak Azerbaycan LLC.