RUSSIA: RusPromAvto plans to double revenue by 2010
Major Russian automobile holding company RusPromAvto plans to double its revenue to more than $US5 billion by 2010, the company's executive director Erik Eberhudson said on Wednesday, according to the Prime-Tass news agency.
Citing Eberhudson, the report said the company's capitalisation is expected to exceed $2 billion by that year. In the period the company plans to increase its annual output to 200,000 cars, 20,000 buses and 50,000 trucks.
As part of RusPromAvto's restructuring programme, the company is consolidating its assets on the base of Russia's second-largest car and truck maker GAZ. The two companies are setting up an automobile holding, to which they are transferring the assets of certain subsidiaries, RusPromAvto's CEO Maxim Avdeyev told Prime-Tass.
Currently RusPromAvto is involved in the rebranding of GAZ. Russia's second-largest car and truck maker GAZ plans to release in September its January-June consolidated financial results under International Financial Reporting Standards (IFRS), Avdeyev reportedly said. The newly-created holding is expected to face the financial markets by 2007. GAZ is part of Russia's major automobile holding RusPromAvto.
Prime-Tass noted that RusPromAvto controls leading manufacturers of small- and medium-sized buses, such as Pavlovsky Avtobus (PAZ), the Likino bus plant (LiAZ), Golitsyno bus plant (GolAZ), Kurgan bus plant (KAVZ), Kanashsky auto plant, Avtodizel and other companies.