16/07/11 - REVIEW OF KEY BUSINESS EVENTS (July 12, 2011)

Дата публикации: Jan 19, 2012 10:16:12 PM

Halq Bank founded its own insurance company On June 30, 2011 the Ministry of Finance issued a license to provide insurance services by 11 classes under the name of “Halq Sugurta”, says “UzDaily.uz”. “Halq Sugurta”, founded on May 16, 2011 with a charter capital of 1.5 mln Euros, is a 100% subsidiary of Halq Bank (People's Bank). Presently, with the technical assistance from the Fund of savings banks for International Cooperation of Germany, a development strategy was developed for insurance company “Halq Sugurta”, as well as a universal software package for recording and analyzing insurance services sold, allowing to form an optimal portfolio of risks undertaken for insurance. Jointly with the experts of the Fund, systematic training is organized for the personnel of the insurance company providing insights into micro-insurance, as well as working with potential customers.

Wages and pensions will be increased starting from August 1 On July 7, 2011 the President of Uzbekistan signed a decree “On increasing the wages, pensions, stipends and social allowances”, says “Gazeta.uz”. According to the document, starting from August 1, wages of employees of state institutions and organizations, pensions and social allowances, as well as stipends will be increased on average by 1.15 times. The following minimums will come into force starting from August 1, 2011 in Uzbekistan: minimum wage and the initial (zero) level of the single tariff scale – 57 200 UZS per month, pensions by age and allowances to disabled from childhood - 111 875 UZS; allowances to elderly and disabled citizens without required work experience – 68 645 UZS per month.All types of allowances and bonuses to wages, as well as pensions, benefits to mothers to care for a child under the age of two years, the benefits for families with children, compensation and other payments set against the minimum wage, starting from August 1, should be made in line with the minimum wage set out in the decree. Self-financed business and organizations are prescribed to increase wages in accordance with the minimum wage set by the decree, by improving production efficiency and reducing labor costs.

Commentaries to trading results at RSE “Toshkent” There were no transactions at RSE “Toshkent” on July 12, 2011. According to REG “Birja”, JSC “Uzneftgazdobicha” reporting the following financial results for 2010: net profit – 2.938 bln UZS, assets – 729.2 bln UZS, equity – 469.6 bln UZS. The General Meeting of Shareholders made a decision to pay out dividends of 250 UZS per preferred share and 3.72 UZS per ordinary share amounting to 2.8 bln UZS, making up about 94% of the net profit of the company. OJSC “Tashkent Tractor plant” reported the following financial results for 2010: revenue – 80.9 bln UZS, cost of goods sold – 81.4 bln UZS, net loss – 6.9 bln UZS. Assets of the company amounted to 132 bln UZS, equity excluding uncovered losses – 29.3 bln UZS. OJSC “Kvats” finished fiscal 2010 with a revenue of 69.5 bln UZS, while cost of goods sold amounted to 43.2 bln UZS, net profit – 17.7 bln UZS. Assets of the company were equal to 53.7 bln UZS, equity – 44.1 bln UZS. The General Meeting of Shareholders made a decision to pay out dividends of 4 500 UZS per share amounting to 10.1 bln UZS, making up about 57% of the net profit of the company. JSC “Uzbektelecom” reported the following financial results for 2010: revenue – 272.5 bln UZS compared to 236.6 bln UZ in 2009 (up by 15.2%), cost of goods sold – 154.4 bln UZS compared to 145.2 bln UZS in 2009 (up by 6.3%), net profit – 5.3 bln UZS compared to 2.9 bln UZS in 2009 (up by 78.2%). Assets of the company amounted to 660.2 bln UZS, up by 15.3%; equity – 266.7 bln UZS, up by 47.9% SJSC “Uzbekenergo” reported the following financial results for 2010: revenue – 2 067.2 bln UZS compared to 1 752.1 bln UZS in 2009 (up by 17.9%), cost of goods sold – 1 646.7 bln UZS compared to 1 479.1 bln UZS in 2009 (up by 11.3%), net profit – 328.3 bln UZS compared to 212.2 bln UZS in 2009 ( up by 54.7%). Assets of the company amounted to 4 031.9 bln UZS, up by 1.7 times; equity – 1 232.6 bln UZS, up by 30.6%. The General Meeting of Shareholders made a decision to allocated 65.6 bln UZS for dividend payments, out of which 90% will be used to finance “Program for modernization and renewal of low-voltage electricity networks during 2011-2015”. The General Meeting of Shareholders of OJSC “Bekabadcement” made a decision to pay out dividends of 12 000 UZS per preferred share amounting to 12.8 mln UZS, making up 0.07% of the net profit of the company.