AvtoVAZ's 2002 net profit plummets

Russia's largest carmaker AvtoVAZ has reported a dramatic 1350-percent drop in its 2002 IAS net profit that amounted to RUR1.091bn (about $35.91m). In the reported period, the company's gross margin totaled RUR18.2bn ($599m) against RUR24bn ($789.9m) in 2001. The operating profit reduced from RUR8.7bn ($286.34m) to RUR5.9bn ($194.19m). AvtoVAZ net earnings were RUR119.4bn ($3.93bn), down by RUR10.5bn ($345.56m) from the corresponding figures of 2001.

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