GAZ Group boosts IFRS earnings 4-fold in 2012, revenue 37%
MOSCOW. May 17. (Interfax) - The GAZ automobile group boosted net profit to International Financial Reporting Standards (IFRS) more than four-fold last year to 8.5 billion rubles, its president, Bo Andersson, told reporters.
Sales revenue grew 37% to 132.4 billion rubles, and 130 billion rubles is expected for 2012, Andersson said.
Earnings before taxes, depreciation and amortization (EBITDA) rose 49% last year to 14 billion rubles.
Andersson said investment could grow 2.4-fold this year to 12 billion rubles, from 5 billion rubles in 2011.
Overall, investment should reach 16 billion rubles in the next 18 months, with 4.9 billion rubles of this being spent on the production of a new generation of Gazelle vans, 3.7 billion rubles on the project with Volkswagen, 2.2 billion rubles on production with Daimler and 300 million rubles with GM.