AvtoVAZ, Russia’s largest carmaker, posted net profit of 1.681 billion rubles in the first quarter, the company said in a report. No comparative figures were provided.
The company’s pre-tax profit was 2.4 billion rubles and its net income totalled 23.9 billion rubles in the period. In 2001, AvtoVAZ posted a net profit of 2.346 billion rubles.
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AvtoVAZ produced around 765,000 cars in 2001, up 8.4% on the year and 10,000 cars above target.
Heavy truck maker Kamaz also turned in a profit in the first quarter, reversing last year’s loss. Kamaz reported net profit of 47.688 million rubles in the first quarter, versus a loss of 311 million rubles in the same period of 2001, the company said in its report.
Kamaz produced 3,580 trucks, 8,700 cars and 3,996 engines during the first quarter.
The announcement of profits in the Russian auto industry comes amid rising optimism about the state of the Russian economy and its growth prospects.
1 US Dollar = 31.34 Russian Rouble
