SOFAZ shifts from loss to profit from Moscow-based property 

SOFAZ’s rental income from “Tverskaya 16” JSC in Moscow amounted to AZN 8.3 million, profit made up AZN 4.6 million in 2019, Report informs, citing the Fund’s consolidated financial statement.

These amounts were directed to pretax net profit/loss.

The Fund earned AZN 8.76 million income from this investment in 2018, while loss amounted to AZN 815,000.

The net profit includes AZN 1.14 million growth on fair value (a decline of AZN 4.03 million in 2018).

On December 21, the SOFAZ acquired 100% of stakes in Tverskaya 16 JSC.