AvtoVAZ posts financial results for Q3, 2002

The net profits of AvtoVAZ, Russia's largest car producer, totaled $63,000 in the third quarter of 2002, calculated by Russian accounting standards, against $29,000 in the third quarter of 2002, the company said in a statement. The gross profits dropped from $148,000 to $136,000 and the company's earnings amounted to $820,000 in July-September 2002 as compared to $828,000 in the corresponding period last year.

AvtoVAZ produced 574,262 cars in the first nine months of this year, which was 0.7 percent more than in the corresponding period of 2001. In particular, 72,094 cars were produced for exports. The total production volume is expected to reach about 747,000 cars at AvtoVAZ this year.

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