MOSCOW, August 9 (RIA Novosti) - AvtoVAZ increased its net profit, calculated to Russian Accounting Standards, by 90% year-on-year in the first half of 2007, to 5.1 billion rubles ($196 million), one of Russia's largest carmakers said.
The company said net profit in April-June was 4.445 billion rubles ($170 million), jumping 590% from the first three months of the year. The hike was due to an increase in car sales and the company's outstanding tax debt being written off by tax authorities.
In January 2007, the AvtoVAZ board approved its 2007 budget, which envisages higher production rates, sales profitability, and profit growth. A strategy program for cutting expenses and raising production efficiency across all areas has been put forward to achieve these tasks. In 2007, AvtoVAZ expects to receive revenue of 165.7 billion rubles ($6.43 billion).
