Avtovaz sees FY 2007 Net Profit rise of 4%
Russia’s largest carmaker, Avtovaz, has posted a full year 2007 Net profit of $157.9 million under IFRS.
Avtovaz, in which French carmaker Renault, has agreed to take a 25% plus one share stake, said revenues also increased 4% to reach $7.9 Billion. Sales increased to 770,000 units from 724,000 in 2006, but production was down for the year by 3.9% to 735,897 units. Exports increase by 7.9% for the year to 106,800.
Analysts viewed the figures as disappointing, noting that according to PriceWaterhouseCoopers the Russian auto market grew by 35% in terms of numbers of cars sold, and 67% in terms of income for the year.