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Revenue of Russia's largest car producer, AvtoVAZ, rose 46% to Russian Accounting Standards to 58.762 billion roubles ($1.92 bln) in the first six months of 2010 year on year.
A major influence on the improvement of this indicator was the increase in car sales revenue by 44.22%, as the share of this kind of activity amounts to 81.56% of the entire revenue volume.
Revenue from core activities, car production and sales, grew 43.16% in the reporting period, following a sales volume increase due to the implementation of a government cash for clunkers program launched in March 2010.
AvtoVAZ's gross profit amounted to 1.365 billion roubles in the first six months of 2010 after 1.761 billion roubles in the first six months of 2009. Sales loss fell by 450% to 664 million roubles. January-June 2010 sales grew by 23% to 220,700 cars.
The company said that its net loss plummeted 2,200% to 612 million roubles in the first six months of 2010 year on year. In the second quarter of 2010, the company received a net profit of 1.97 billion roubles after a 2.58 billion ruble loss in the first quarter.
Net profit changes mainly follow gross profit rates and are due to the same factors. As net profit increased, capital and assets margins rose respectively. (USD1 = RUB30.8227)
