14 Aug 2009 19:18

Russia's GAZ sees revenue fall 58% to 5.3 bln rubles in H1

MOSCOW. Aug 14 (Interfax) - Russian automotive group GAZ saw net profit under Russian accounting standards (RAS) plunge 58% to 5.3 billion rubles in the first half of 2009 compared to the same period of 2008, the company said in a report.

Net profit totaled 3.092 billion rubles in the period versus 284.7 million rubles in the first half of 2008, while pre-tax profit rose to 2.9 billion rubles from 448.084 million rubles.

"The main factor impacting changes in revenue was a drop in demand in the fourth quarter of 2008 due to the financial crisis," the report says.

The GAZ Group produces cars, commercial transport and road construction equipment. The holding includes 18 auto plants as well as sales and service structures.