Losses of Armenia's energy companies are 100 times bigger than their

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Losses of Armenia's energy companies are 100 times bigger than their
budgetary payments

arminfo
Friday, December 9, 20:35

Armenian Nuclear Power Plant has paid 22.3mln AMD less in profit tax
because of inaccurate calculation of its tangible and fixed assets,
the Supervisory Chamber of Armenia says in its report on the financial
activities of the country's state-owned energy companies.

In 2010 the profit of Armenian NPP totaled 966.123mln AMD against
529.280mln AMD in 2009 but the company decided not to pay profit tax
because its net assets turned out to be smaller than its authorized
capital was (12.056bln AMD against 9.633bln AMD in 2009).

Unlike Armenian NPP other energy companies paid profit tax. In 2010
Armatom's profit totaled 26.8mln AMD (8.5mln AMD in 2009) with
13.4mln AMD transferred to the budget. Elektronaladka paid 4mln AMD.
All of the energy companies paid almost 54mln AMD.

Yerevan Thermal Power Plant registered 3bln AMD and 1.3bln AMD losses
in 2010 and 2009, respectively, Vorotan WPP Cascade - 1.1bln AMD in
2009, High Voltage Electric Networks - 268mln AMD in 2010 against 8bln
AMD in 2009, Armgazprom 1.2bln AMD in both 2009 and 2010. The total
losses of the energy companies totaled 5bln AMD.