MOSCOW, August 15 (RIA Novosti) - Russian automaker Severstal Auto [RTS: SVAV] said Tuesday its net profit decreased 33% in the first half of 2006 year-on-year to 150.73 million rubles ($5.62 million).
The company said its earnings in 1H06 grew 7.6% to 525.5 mln rubles ($19.57 mln), while pre-tax profit declined 35% to 202.4 million rubles ($7.54 mln).
Severstal Auto owns controlling stakes in the Ulyanovsky Automobile Plant (UAZ) and the Zavolzhsky Motor Works (ZMZ). UAZ is a leading Russian manufacturer of off-road vehicles, light trucks and mini-vans, while ZMZ produces four-and eight-cylinder petrol engines for several types of vehicle.
Last year Severstal reached an agreement with Korea's Ssangyong to assemble its cars in Russia.
