27 Apr 2010 10:49

Avtovaz losses widen 5.7-fold to 38.6 bln rubles in 2009

MOSCOW. April 27 (Interfax) - Avtovaz closed 2009 with net losses of 38.6 billion rubles, the car maker's president, Igor Komarov, told the Kommersant newspaper.

Komarov at the end of last year forecast losses of 30 billion-35 billion rubles to Russian Accounting Standards (RAS)

Net losses were 6.68 billion rubles in 2008, so last year's losses soared 5.7-fold.

Komarov told Kommersant that 13 billion rubles of last year's losses consisted of "reserves for investment in subsidiaries, business and so on." He said around 6.5 billion rubles was paid in loan interest, that the company paid around 8 billion rubles for idling capacity and another 3 billion rubles on pensions. "The figures bring no joy, but we're not concealing them," he said.