GAZ posts net profit of 342 mln rubles in H1
MOSCOW. July 21 (Interfax) - OJSC GAZ the lead company in the GAZ Group, posted a net profit of 341.9 million rubles in the first half of the year under Russian accounting standards (RAS), the company said in a statement.
GAZ posted a net loss of 137.47 million rubles in the first quarter and a net profit of 479.3 million rubles in the second.
It posted a net loss of 848.7 million rubles in the first half of 2010 and a net profit of 3.092 billion rubles in the first half of 2009.
The company credited rising sales for the improvement in the second quarter this year.
GAZ is a leading Russian vehicle maker. Its top seller is the Gazelle-Biznes LCV. The group, which is controlled by Oleg Deripaska, has 18 enterprises in 10 Russian region.
The company recently reached agreement with Volkswagen and Daimler, as well as General Motors, on assembly of vehicles at GAZ facilities in Nizhny Novgorod.
GAZ Group targets revenue of about 110 billion rubles in 2011 under IFRS and a net profit of 3 billion rubles, compared with 96.7 billion rubles and 2.1 billion rubles in 2010.
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