Renault has booked a EUR370m net loss in 2009 from its blocking stake in AvtoVAZ, out of its total net loss of EUR3.1bn, Russian business media reported on Friday, citing Renault’s financial report.
Based on this figure, AvtoVAZ’ net loss in 2009 could amount to EUR1.2bn, Yuly Matevosov, an analyst from investment company Aton, told Kommersant business daily. In 2008, the carmaker’s net loss was EUR677m, the daily said.
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AvtoVAZ’ net loss could reach EUR1.48bn in 2009, Sergei Petrov from consulting company BDO Rossiya told business daily Vedomosti, adding that it was not a precise estimate.
In 2008, Renault posted a net loss of about EUR117m from its stake in AvtoVAZ, while the company posted an overall profit of EUR599m, the dailies also said.
AvtoVAZ declined to comment on the issue. AvtoVAZ President Igor Komarov said earlier in February that the company planned to post “a significant (net) loss” in 2009, which was expected to be bigger than in 2008. He also said the company planned to post a zero operating profit and swing to a positive EBITDA of RUB4.5bn in 2010.
