Kamaz RAS net profit plunges 83% to 27.5 mln rubles in H1
MOSCOW. July 15 (Interfax) - Kamaz saw RAS net profit drop 83% in H1 2016 year-on-year to 27.498 million rubles, the truck maker said in its earnings report.
Revenue increased 40.7% to 42.296 billion rubles.
Cost of sales grew 48.3% to 47.486 billion rubles. Subsidies increased by 70% to 6.256 billion rubles.
Gross profit fell to 1.066 billion rubles, from 1.777 billion rubles a year previously. Commercial expenses went up 18.1% to 1.596 billion rubles, and administrative expenses 27.3% to 2.908 billion rubles.
Operating losses were 3.432 billion rubles, compared with profit of 1.847 billion rubles a year previously.
Other income fell 41.2% to 6.003 billion rubles, and other expenses fell 64.3% to 2.887 billion rubles.
Long-term borrowing rose 13.4% to 31.859 billion rubles, short-term borrowing grew 11.3% to 11.57 billion rubles and payables fell 3.2% to 11.57 billion rubles.
