Avtovaz sees IFRS net loss widen 48-fold to 8.6 bln rubles in Q1
MOSCOW. May 4 (Interfax) - Avtovaz saw the net loss widen 48-fold to 8.6 billion rubles in Q1 2016, the Russian automaker said in IFRS financials.
Revenue fell 21% to 38.42 billion rubles.
The cost of sales fell to 40.4 billion rubles from 44.6 billion rubles in Q1 2015. The gross loss amounted to 1.994 billion rubles compared with 3.894 billion rubles a year earlier.
Administrative costs declined to 2.015 billion rubles from 2.346 billion rubles, while marketing expenses jumped 54% to 1.922 billion rubles.
Losses from core operations climbed 13-fold to 6.572 billion rubles and the pretax loss came to 8.188 billion rubles, up from a profit of 155 million rubles in Q1 2015.
Short-term loans and borrowing rose to 49.7 billion rubles as of March 31, 2016 from 44.9 billion rubles a year earlier. Long-term loans and borrowing totaled 51.8 billion rubles versus 48.9 billion rubles.
Alliance Rostec Auto BV owns 74.51% of Avtovaz (81.4% ordinary and 47% preferred shares). Renault-Nissan owns 67.13% of the JV (Renault - 50.1% and Nissan - 17.03%) and Rostec owns 32.87%.