26 Aug 2010 11:47

Avtovaz breaks even in 7 mths

MOSCOW. Aug 26 (Interfax) - Avtovaz had net profit of 24 million rubles in January-July, the car maker's president, Viktor Komarov, told reporters on the sidelines of the international motor show in Moscow.

Sales revenue was 71.5 billion rubles in the seven months. Net profit was 136 million rubles in July alone, however net losses for H1 2010 were 612 million rubles.

Komarov said the company aimed to stay profitable for the rest of the year, despite being forced to shut its assembly lines down in August and the losses that this will have incurred.

Avtovaz had net profit of 1.97 billion rubles in Q2 2010. Losses to Russian Accounting Standards (RAS) widened to 38.5 billion rubles in Q2 2010, from 6.7 billion rubles in 2008. Revenue fell 47% last year to 84.2 billion rubles.

The state Russian Technologies (Rostekhnologii) corporation, Troika Dialog and Renault each own 25% plus one share in Avtovaz.