RUSSIA: AvtoVAZ posts net profit at 1.3bm rubles
AvtoVAZ has posted net profit of 1.3 billion rubles in the January–August period.
No comparable figure for the previous year was issued.
“The net profit of the company amounted to 1.3 billion rubles in eight months, and this allows for forecasting positive financial results for the full year,” the press office quoted Oleg Lobanov, AvtoVAZ’ Vice President for finances and corporate management.
AvtoVAZ is struggling in the growing Russian car market this year as consumers are increasingly drawn to foreign brands now being manufactured inside Russia. AvtoVAZ brand Lada sold 348,974 cars in Russia in the first eight months of the year, 11% down on last year.