GAZ group IFRS revenue up 10% in H1, chief says
MOSCOW. Aug 29 (Interfax) - The GAZ group, according to preliminary figures, increased sales revenues to International Financial Reporting Standards (IFRS) by 10% year-on-year in the first half of 2012, the group's President Bo Andersson said during a GAZ presentation at the international auto show in Moscow on Wednesday.
The financial results for the half have yet to be audited, but GAZ can say "with pride" that the group's sales revenues to IFRS were up 10% and earnings before taxes, depreciation and amortization (EBITDA) rose 23%, Andersson said, without citing any actual figures.
The group's sales revenues ran to 52.1 billion rubles for the first half of last year.
GAZ boosted net profit to IFRS more than four-fold last year to 8.5 billion rubles. Sales revenue grew 37% to 132.4 billion rubles, and 130 billion rubles is expected for 2012. Earnings before taxes, depreciation and amortization (EBITDA) rose 49% last year to 14 billion rubles.
The group is looking to assemble 103,000-105,000 cars this year, about the same as in 2011.
GAZ is one of Russia's biggest automobile producers. Its main vehicle at present is the Gazelle Business LCV.
