Russia's largest truck producer, which is majority-owned by the State Property Committee (34.01%) and state-run foreign trade bank Vneshtorgbank (25.02%), attributed the higher losses to restructured debt and insurance payments to the federal budget and state extra-budgetary funds.
The restructuring transferred the company's arrears to the category of current debt.
Kamaz said the increase was also due to long-term liabilities and accrued penalties on outstanding payments in the amount of 596.33 million rubles (about $21.8 million), as well as foreign exchange fluctuations and asset revaluation.
Kamaz produces more than 30 models of trucks, as well as trailers, buses, tractors and spare parts. It also manufactures engines, power units and components.
Kamaz held a 36% market share in Russia in 2005. It has assembly facilities in Poland, Kazakhstan, Azerbaijan, Ethiopia, Vietnam and Ukraine.
