Net profit at Russia’s largest car maker Avtovaz plunged 88.5% year on year to RUB105m (US$3.4m) in the first quarter of 2012, the company said.
Revenue rose 11.5% to RUB39.8bn, Prime News reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Last month, company president Igor Komarov attributed the drop in the net profit to the end of a national car replacement incentive programme as well as to the launch of new projects.
