Sollers posts 769.5 mln rubles in H1 net losses vs profits a year earlier (Part 20
MOSCOW. Aug 15 (Interfax) - Automaker Sollers posted 769.5 million rubles in net losses to RAS for the first half of the year, having made 6.6 billion rubles in profits in H1 2010, the company said in its quarterly report.
The company's sales revenues increased 140% to 358.686 million rubles for the half. Pretax losses came to 869.578 million rubles versus pretax profits of 6.491 million rubles in H1 2010.
The company's losses from sales went down from 170.279 million rubles in the first half of 2010 to 63.535 million rubles in the first half of this year.
Sollers, formerly Severstal-Auto, manages the Ulyanovsk Automotive Plant, Zavolzhsky Motor Plant , Sollers-Naberezhniye Chelny, Sollers-Elabuga and Sollers-Far East. The company also has an engine manufacturing joint venture with Fiat Powertrain Technologies. Sollers produces UAZ, Fiat, Isuzu and SsangYong models in Russia.
The company increased its total sales of cars and light commercial vehicle went up by 37% to 93,000 units, including 55,400 UAZ vehicles, up 42%.