16:47 - 15.11.2024

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November 15, Fineko/abc.az. The Dream Land Project, covering luxury residential, shopping, entertainment and sports areas around Baku, also suffered huge damage in 2023.

ABC.AZ informs that this can be seen from company's annual report.

The project suffered a loss of 6.56 million manats for the year, which means a decrease of 2.33 million manats or 26% compared with the previous year. Thus, in 2022, the company was not financially successful and suffered losses in the amount of 8.89 million manats.

The amount of damage accumulated over the years has already reached 10.55 million manats. However, it does not yet have such a strong impact on the capital position.

Thus, Dream Land LLC has authorized capital of 100 million manats.

A big trigger factor in company's losses is growth of its administrative expenses. For example, last year it increased its revenues by 20% compared with last year to 36.49 million manats. The cost of sales grew by 15% to 17.29 million manats, which amounted to 19.2 million manats.

The largest expenses of the project are general and administrative expenses, which also increased by 12% to 20.78 million manats per year.

The long-term assets of Dream Land amounted to 268.12 million manats, and total assets - 317.89 million manats.

The overall liabilities of the company reached 161.1 million manats.