Azeri State Oil Company SOCAR Says Returned To Profit Last Year



Reuters

BAKU, July 7 (Reuters) - Azeri state energy company SOCAR made a net profit of 350 million manats ($206 million) last year, which compared with a net loss of 1.584 billion manats in 2015, the company said on Friday.

Revenue rose to 51.905 billion manats from 33.103 billion manats, while its assets rose to 53.007 billion manats from 39.954 billion manats.

SOCAR's liabilities rose to 35.303 billion manats from 25.306 billion manats.

SOCAR said it had obtained new long-term loans of 1.238 billion manats from local and international banks and a short-term loan of 140 million manats.

The company did not specify the terms of the loans.

(Reporting by Nailia Bagirova and Margarita Antidze; Editing by Dmitry Solovyov, Greg Mahlich)



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