Russian car maker GAZ has reported first-half net profit of RUB1.5bn (US$49m) compared with a RUB0.5bn net loss a year ago.

The company, controlled by tycoon Oleg Deripaska, also saw revenues rise 39% year-on-year to RUB52.1bn, president Bo Andersson told Reuters.

The company earlier forecast full-year 2011 net profit at RUB3bn and revenue at RUB110bn.