CBAR reserves flat in June 2016
Central Bank of Azerbaijan Republic did not participate in FX auctions in June 2016, resulting in reserves remaining flat at US$ 4.3bn, compared to the previous month. In annual terms, however, reserves were down 49.7% y/y.
SOCAR posted AZN 1.8bn loss in 2015
State Oil Company of Azerbaijan Republic (SOCAR) published its 2015 audited report. According to the report, SOCAR’s total revenue decreased 16.6% y/y to AZN 33.1bn in 2015. The decrease is mainly attributable to lower revenue from crude oil (-34.0% y/y) and oil products (-7.5% y/y).
The company slightly improved its gross profit margin from 9.65% in 2014 to 9.83% in 2015. However, the operating profit margin fell from 4.53% in 2014 to 3.89% in 2015. A significant foreign exchange loss (AZN 2.9bn), caused by currency devaluation, resulted in a loss before income tax of AZN 1.6bn compared to AZN 1.7bn profit before income tax in 2014.
Company reported AZN 1.8bn loss for 2015 after tax deductions, compared to AZN 1.3bn profit in 2014. However, due to significant other comprehensive income from currency translation differences (AZN 5.0bn), SOCAR’s total comprehensive income reached AZN 3.2bn in 2015 (+186.9% y/y).
