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.
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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.
