Uzbekistan, Tashkent, May 3 /Trend D.Azizov/
The net profit of the Uzbek-Russian joint venture Uzelektroapparat-Electrical, one of the largest manufacturers of electrical products in Uzbekistan, decreased by 8.6 per cent in 2011 to 7.5 billion soum, as stated in the company's balance sheet on Thursday.
According to the report, net revenues from product sales increased by 24.5 per cent up to 103.69 billion soum while the cost was by 26.4 per cent to 75.13 billion soum.
Gross profit for last year amounted to 28.57 billion soum, increasing by 19.4 per cent. At the same time costs of the company increased by 35.3 per cent to 18.07 billion soum.
The assets of Uzelektroapparat-Electrical increased by 39.7 per cent for the year to 78.92 billion soum, including long term assets which increased by 23.4 per cent up to 12 billion soum and current assets by 43.2 per cent, up to 66.924 billion soum.
The obligations of the company increased by 44.3 per cent up to 50.148 billion soum.
Own funds of the company amounted to 28.78 billion soum at the beginning of 2012 compared to 21.72 billion soum in the previous year (growth was 32.5 per cent). Some 868.771 million soum in the structure of its own funds accounts for authorised capital with 24.23 billion soum in retained earnings from previous years, the volume of which increased by 1.4 times in 2011.
The factory was established in 1941 on the site of the Elektrostanok plant which was transferred to Tashkent. In 1946, Elektrostanok and the High-Frequency Currents plant were merged into becoming the Tashkent Electrotechnical Plant.
Two joint ventures were set up at the Tashkent Electrotechnical Plant in 2000, namely JSC Tashelektroapparat and JV Uzelektroapparat.
In 2006, JV Tashelektroapparat and JV Uzelektroapparat became the part of CJSC Group Electrical - TM Samara under the name of JV JSC Uzelektroapparat - Electrical.
The company specialises in the production of low voltage devices for controlling electrical circuits and equipment, manufactures electrical equipment and offers design services for the electrical part of the project, commissioning of equipment manufactured, taking in this segment of about 80 per cent of the domestic market of electrical products in Uzbekistan.