AvtoVAZ has announced a loss of 6.33 billion roubles (approximately US$200m) in the first quarter to March 31. The result compares with a net profit of 281m roubles in the same period of last year.
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Revenues in the reporting period declined 54.6% to 16.99 billion roubles as the economic crisis in Russia hit the firm’s volumes hard.
AvtoVAZ has suspended production several times this year amid declining sales and payment disputes with part suppliers.
However, the firm also announced this week that its employees would work longer hours in June than in May.
AvtoVAZ said that employees assembling the majority of its vehicle models would switch to eight-hour work shifts in June from six-hour shifts currently.
In addition, the work week for most assembly workers will be extended to five days per week in June, the company said.
