Daimler narrows loss from Kamaz stake almost 50% in 2010
MOSCOW. March 3 (Interfax) - German Daimler AG posted a loss of 27 million euro on its 11% stake in Russian truck maker Kamaz in 2010, down from a loss of 51 million euro in 2009.
Kamaz generated 1.731 billion euro in revenue for Daimler in 2010, up from 960 million euro in 2009.
Daimler's accounting for Kamaz includes the first nine months of 2010 and the fourth quarter of 2009 for 2010 and the first nine months of 2009 only for 2009.
Kamaz plans to publish IFRS results for 2010 in June, the head of corporate finance and liaison with state authorities, Yelena Milinova, told Interfax.
"Daimler only included the first nine months of 2009 for 2009 since it purchased the Kamaz stake in the final days of 2008, so the fourth quarter of that year is not included," she said.
RTS$#&: GAZA, KMAZ