17 Nov 2009 14:32

IzhAvto posts 2.1 bln rubles in net losses for Jan-Sept

MOSCOW. Nov 16 (Interfax) - Russian automaker OJSC IzhAvto posted 2.1 billion rubles in net losses according to Russian accounting standards (RAS) for January-September 2009 against net profit of 132 million rubles in the same period of 2008, the company said in its financial reporting.

The company's sales revenue dropped by 72% to 5 billion rubles. At the same time, production costs exceeded revenue by 800 million rubles and came to 5.84 billion rubles.

Main financial results for OJSC IzhAvto for Jan-Sept 2008 and 2009:

Result	Jan-Sept 2009	Jan-Sept 2008
Sales revenue	5 019 138	17 870 534
Production costs	-5 837 011	-16 948 961
Gross profit	-817 873	921 573
Profit (loss) from sales	-877 550	759 507
Pretax profit (loss)	-2 653 325	228 001
Net profit (loss)	-2 134 986	132 120

The company's debts in loans and other borrowing came to 13 billion rubles at the end of September. Debt to suppliers and sub-contractors came to 975 million rubles.