UAZ allocates 2012 net profit to development
ULYANOVSK. April 26 (Interfax) - Shareholders in Ulyanovsk Automotive Plant (UAZ), a vehicle maker in the Sollers group, voted at the AGM to allocate net profit in 2012 to company development, an UAZ spokesman told Interfax.
The shareholders approved the annual report and accounts for 2012, elected the board of directors and the audit commission, and selected the auditor for 2013.
UAZ boosted net profit 110% to 985.6 million rubles in 2012 under Russian accounting standards. Last year, UAZ also allocated the entire net profit for 2011 - 467 million rubles - to development.
UAZ is a core asset in the Sollers group, which makes UAZ, Isuzu and SsangYong cars. The group also operates three joint ventures that make Ford, Toyota and Mazda cars.
UAZ sales in Russia rose 7% to 68,100 units in 2012.