Avtovaz posts 1H 2010 Net Profit of 3.1 billion Roubles

Russia’s largest domestic carmaker, Avtovaz, has posted a 1H 2010 Net Profit of 3.1 billion Roubles under IFRS.

The bottom line shows a sharp turnaround from the 19.3 billion Rouble Net Loss posted for 1H 2009, with Revenues rising to 62 billion roubles from 44.8 billion roubles a year ago.

According to a company statement, the round in Avtovaz financial fortunes largely reflected idle time costs falling to 387 million roubles from 5.7 billion roubles a year earlier.