SOCAR increases IFRS net profit by 23% in 2011
BAKU. July 30 (Interfax) - State Oil Company of the Azerbaijani Republic's (SOCAR) net profit according to international financial reporting standards (FIRS) went up by 23.4% to 809.593 million manat (0.7856 manat/$1 on July 30, 2012) in 2011.
These financial results for 2011 have been seen by Interfax.
Ernst&Young audited the company's IFRS results for 2011.
SOCAR's pretax profit went down by 4.3% to 1.1848 billion manat.
The company's assets went up by 8.2% to 16.9599 billion manat in 2011. Fixed assets went up by 8.1% to 8.9198 billion manat. Investments in subsidiaries grew 240% to 1.186 billion manat.
SOCAR's equity went up by 13.3% to 9.2486 billion manat in 2011. At the same time, the company's charter capital came to 1.059 billion manat on January 1 (up 67.4%). Undistributed profit increased by 0.8% to 6.7496 billion manat.
The company's debts and obligations went up by 2.5% to 7.711 billion manat in 2011. Long-term debts came to 2.2188 billion manat at the start of 2012 (up 7.5%) while accounts payable came to 2.8069 billion manat (up 14.7%).
SOCAR's revenue came to 8.1327 billion manat in 2011, up 47.1% from 2010.