21:10 GMT +3 hours28 November 2014
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AvtoVaz Reports Impressive Profits

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Russian automaker AvtoVaz reported its net profit in the first half of 2012 grew to 4.3 times that for same period last year, and amounts to 27.4 billion rubles, the company said Friday.

Russian automaker AvtoVaz reported its net profit in the first half of 2012 grew to 4.3 times that for same period last year, and amounts to 27.4 billion rubles, the company said Friday.

This figure was higher than the forecast by the Prime business news agency, which predicted a profit of about 1.4 billion rubles.

Group revenue, meanwhile, increased by 8.5 percent, to 89.2 billion rubles.

EBITDA for the first six months of 2012 increased by 23 percent, to 5.4 billion rubles.

AvtoVaz is among the largest carmakers in Eastern Europe, producing more than 800,000 cars per year and employing about 66,000 people.