Sollers posts 1H 2010 net loss of 1.3 roubles

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Automobile producer, Sollers, has posted a 1H 2010 net loss of 1.3 billion roubles under IFRS.

The net losses for the 1H 2010 fell by 60% year on year with a sharp turnaround seeing EBITDA come in at 666 million roubles compared to negative 712 million roubles in the same period of 2009, as sales revenues rose by more than 100% year-on-year to 20.3 billion roubles.

The company attributed the results to a strong sales performance which pushed sales revenues 33% higher over 9M this year.

Nikolai Sobolev the Company’s CFO hailed the results saying that the company has chosen a right strategy to improve.

“A growth in car sales of the Sollers group, outpacing the overall dynamics of the market recovery, as well as measures to reduce costs and reduce debt service costs will allow the company to fulfill our plans and significantly increase revenue and profitability by the end of 2010.”