MOSCOW, April 30 (RIA Novosti) – Russia’s largest truck maker KAMAZ posted a 2012 IFRS net profit of 5.796 billion rubles ($187 million), up 210 percent on the previous year, the company said on Tuesday.
KAMAZ's revenues for the year grew by 9.6 percent to 117.048 billion rubles. “The growth is attributable to the rise in revenues from the sale of trucks, towed vehicles and the sale of design services,” the company said in a statement.
Truck sales accounted for 72 percent of KAMAZ's revenues for 2012, spare parts for 12 percent, buses, towed vehicles and concrete mixer lorries 7 percent and other operations 9 percent.
The company’s operating profit for the year grew by 110 percent to 8.019 billion rubles and its gross profit was up 28.7 percent to 19.3 billion rubles.
The company’s improved performance was also due to the implementation of KAMAZ's business efficiency program, KAMAZ said.
