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September 25, 2009

RUSSIA: AvtoVAZ sees big loss this year

Troubled AvtoVAZ expects to post a net loss of 35 billion roubles in 2009.

Troubled AvtoVAZ expects to post a net loss of 35 billion roubles in 2009.

Prime-Tass cited remarks made by AvtoVAZ president Igor Komarov and said that it was unclear what accounting standards that loss is consistent with.

The report added that in 2008  AvtoVAZ posted a net loss of 24.662 billion roubles, as calculated under International Financial Reporting Standards (IFRS), and a 6.684 billion rouble net loss under Russian Accounting Standards (RAS).

In January–June, AvtoVAZ posted a net loss of 14.103 billion roubles under RAS, according to earlier reports.

AvtoVAZ said this week that it will cut up to 27,600 jobs, about on-third of its workforce, to help it reach “effective and profitable production.”

The company employs 102,000 and made the announcement as separate data revealed that car output in Russia fell 62.6% year on year to 369,000 units between January and August.

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