AvtoVAZ’s net loss increased to RUB49.2bn ($US1.58bn) last year from RUB24.7bn in 2008, calculated under International Financial Reporting Standards (IFRS), the company said in a statement.

Revenues almost halved to RUB92bn and the operating loss was RUB45.5bn compared with RUB26.1bn in 2008.

Russia’s biggest car producer said the loss doubled as sales plunged and it booked an asset impairment provision.

Chief executive Igor Komarov said last week the company could return to operating profit this year as it has been the main beneficiary of a government-sponsored ‘cash for clunkers’ scheme.

The asset impairment provision was for over RUB14bn roubles according to a Reuters report.