AvtoVAZ has posted a net loss of 24.662 billion roubles in 2008 against a net profit of 3.669 billion roubles in 2007, the firm has said in a statement.
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The company’s revenue rose 2.4% on the year to 192.068 billion roubles in 2008, while cost of sales rose 10.4% on the year to 174.681 billion roubles.
Gross profit decreased 40.6% on the year to 17.387 billion roubles in 2008 and the company had negative EBITDA amounting to 3.3 billion roubles.
AvtoVAZ spent 16 billion roubles on development in 2008, up 65% on the year.
In the January-May period this year, AvtoVAZ sales fell 45% year on year to 151,019 units.
The most pessimistic forecasts for the company’s sales suggest it may sell just 360,000 vehicles this year, down from 622,000 last year.
