AvtoVAZ posts H1 results

AvtoVAZ's sales revenues calculated in accordance with the Russian accounting standards amounted to 50.3bn rubles ($1.66bn) in the first half of 2003, which was a 2.86-percent advance compared to the corresponding period of last year, the Russian car manufacturer said in its report. The company's sales income dropped by 32.8 percent to 4.3bn rubles ($141.7m) in the reported period.

The net income of AvtoVAZ calculated in accordance with the Russian accounting standards was 1.487bn rubles ($49m) in the first six months of 2003, which was 41 percent less than in the first half of 2002.

AvtoVAZ sold 321,563 automobiles on the Russian market in the period from January to June 2003, a 3.8-percent gain against the corresponding period of last year. The production of automobiles decreased by 14 percent to 320,395 in the reported period.

© &to=http://www.rbcnews.com' target=_blank>RBC