MOSCOW, November 15 (RIA Novosti) - AvtoVAZ [RTS: AVAZ] said Thursday its net profit calculated to Russian Accounting Standards (RAS), increased by 54% year on year in January-September 2007 to 7.79 billion rubles ($316 million).
AvtoVAZ, which is located in the Volga region, said its revenues in the reporting period dropped 2.1% to 109.62 billion rubles ($4.46 billion) and gross profit was down 10.5% while pre-tax profit increased 38%.
"Lower revenues in the reporting period were largely due to reduced sales of Lada cars in the first quarter of 2007. Lower profit is attributable to reduced revenues from car sales and the lower rate of return on car sales," the automaker said.
