GAZ Group , a part of Russia’s biggest business group Basic Element , boosted H1 2012 revenue 10% to RUB57.6bn (US$242.3m with over 50% generated by Nizhny Novgorod production site. 

First half EBITDA increased 26% to RUB 6.3bn with a margin of 11%. Net profit more than doubled to RUB 3.5bn with a 6% margin.

President and CEO Bo Andersson said: “We continue working to increase the profitability of our business and to develop the model range in the still challenging and competitive market.

“Improved financials enabled GAZ Group to significantly increase investments in upgrade of production facilities and model range renewal: capital expenditiure in the first half of 2012 more than tripled to RUB4.3bn.

The investment programme will result in the GAZelle Next LCV launch in 2013 and the start of foreign brand vehicle production under partnerships with Volkswagen , General Motors and Daimler.”