AvtoVAZ posts H1 financial results

According to AvtoVAZ report made in accordance with the International Accounting Standards, the company's net income amounted to 1.076bn rubles ($34m) in the first half of this year. According to Russian accounting standards, net income was 2.948bn rubles ($95m), which was 16 percent lower than in the corresponding period of last year when the net income was 3.523bn rubles ($113m). The plant manufactured 439,231 cars in the period from January to July 2002.

AvtoVAZ net income, according to IAS, amounted to $575m in 2001, which was 432.4 percent higher than in 2000, when it was $108m. Pretax income of the automobile plant was $624m in 2001, compared to $404m in 2000.

As it was reported earlier, AvtoVAZ produced 767,300 cars last year, which was 8.8 percent more than in 2000. The company's net income, in accordance with Russian accounting standards, was 2.346bn rubles ($75m) in 2001. This year the plant is expected to manufacture 770,000 cars, including more than 100,000 cars that are to be exported.

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