June 30, 2020 / 9:15 AM / 6 days ago

UPDATE 1-Azeri SOCAR reports fall in annual net profit

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BAKU, June 30 (Reuters) - Azeri state energy company SOCAR said on Tuesday its net profit fell to 651 million manats ($383 million) in 2019 from 1.2 billion manats a year earlier, while its operating profit rose to 5.8 bilion manats from 3.6 billion.

The company’s revenue declined to 83.8 billion manats from 107.8 billion manats, it said in an annual financial report audited by EY.

Current assets declined to 19.2 billion manats from 19.3 billion, while total assets rose to 65.4 billion manats from 62.1 billion, current liabilities declined to 17.3 billion manats from 17.4 billion, but total liabilities rose to 41.1 billion manats from 38.2 billion.

Total equity rose to 24.3 billion manats from 23.9 billion.

$1=1.7 manats Reporting by Nailia Bagirova and Margarita Antidze; editing by Jason Neely and Louise Heavens

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