Announcement

Collapse
No announcement yet.

The Production of Electric Power Increased by About 50% in 2010

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • The Production of Electric Power Increased by About 50% in 2010

    THE PRODUCTION OF ELECTRIC POWER INCREASED BY ABOUT 50% IN 2010

    http://artsakhtert.com/eng/index.php?option=com_content&view=article&id=232:t he-production-of-electric-power-increased-by-about-50-in-2010&catid=1:all&Itemid=1
    Friday, 03 June 2011 09:16

    The second general meeting of the Artsakh HES shareholders

    On May 30, the second general meeting of the shareholders of Artsakh
    HES open joint-stock company took place. NKR Prime Minister Ara
    Harutyunian, Government members, and the chairman of the company's
    general partner board on the Armsvissbank stock floatation attended
    the meeting.

    Most probably, the Artsakh HES has the largest team of owners in
    Artsakh. 135 of the total number of shareholders attended the general
    meeting, providing the needed quorum, thanks to their stocks. Chairman
    of the Board of Directors Spartak Tevosian introduced the way the
    Artsakh HES had passed. In 2007, when it was established, the Artsakh
    HES had the status of closed joint-stock company and only an owner -
    the Government. In 2008, it was reorganized into an open joint-stock
    company. In 2009, the first issue and distribution of the company's
    stocks took place. As a result, the Artsakh HES gained new owners from

    Artsakh, Armenia, and the Diaspora. The demand for stocks increased
    and additional funds for the launched programs were needed. As a
    result of the second, additional issue in 2010, stocks at par value of
    1 billion and 400 million drams were distributed. The number of the
    company's shareholders also increased, reaching 1200 people.

    The company's officials introduced the previous year's activity.

    Executive Director of the Artsakh HES OJSC Vahram Beglarian considers
    putting the small HES Trghe -1 into operation the largest achievement
    in 2010. Launching the HES, with 3 MW power, was also symbolic. But,
    the indexes fixed in the production of electric power are not symbolic
    at all. Compared with the previous year, they increased by 50%. `In
    2010, the company produced 177 million and 639 thousand kW of electric
    power, 175 million and 845 thousand of which were produced by the
    Sarsang HES and 1 million and 794 thousand - by Trghe-1 HES', noted
    Vahram Beglarian.

    The year was also distinguished by the volume of construction works.
    Works at 1 billion and 261 million drams were conducted at the
    Mataghis-1, 958 million drams - at the Mataghis-2, 1 billion and 458
    million drams - at the Trghe-2. Putting all the noted objects into
    operation is planned for the end of the year. Works at 67 million
    drams were conducted at the Trghe-3.

    Among the year's achievements, the Executive Director noted also the
    progress in the stocks' distribution and establishment of security
    service in the company's structure.

    Technical Director of the company Armen Gasparian made a report on the
    2010 works on the hydro-electric stations' service and current
    renovation, as well as the works' security and efficiency. The
    priorities of 2011 were also introduced.

    Along with the production increase and works' efficiency, the incomes
    increased by 61,6%, compared with the previous year. As of the
    expenses, they increased by 21% for the same period. As a result, the
    pure profit of the company increased by about 72%. ĢIn the reported
    year, the company's profits made 1 billion and 636 million drams, and
    the expenses - 478 million drams. The capital investments of the
    Artsakh HES made 3 billion and 750 million drams, exceeding the
    previous year index by 45%', noted Financial Director of the company
    Jan Hovhanisian.

    Chief accountant of the Artsakh HES Araik Davidian introduced the
    positive conclusion of the independent audit on the submitted figures
    and the fiscal year report held by the SOS-audit company.

    The conclusion on the annual report of the revision committee was also
    positive. Committee Chairman Arthur Petrosian introduced corresponding
    information.

    The shareholders were, surely, interested in the figures introduced at
    the meeting. They concerned the dividends. They made 10% of the par
    value of a stock, or 100 drams. The shareholders will start receiving
    the annual dividends from June 20, at the central office of the
    Artsakh HES situated at 25/a


    Vazgen Sargisian Street.


    The last issue of the agenda was introduction of the Board of
    Directors' new staff. The Board accepted new members - Haik Beglarian
    and Emin Ohanjanian.

    At the coming meeting of the Board of Directors, the Board Chairman
    will be elected.



    Norayr Hovsepian

Working...
X