MOSCOW, April 16 (RIA Novosti) - Russian auto maker Severstal-Avto [RTS: SVAV] said on Wednesday its net profit calculated to International Financial Reporting Standards grew 52% year-on-year in 2007 to $102 million.
Severstal-Avto is a holding company that owns automakers including leading Russian jeep and minivan maker UAZ.
Severstal-Avto, a subsidiary of Russia's largest steelmaker Severstal, said its revenue in the reporting period climbed 56% to $1.9 billion, and that earnings before interest, taxes, depreciation and amortization (EBITDA) grew 50% to $242 million.
Earlier this month, the holding adopted the name Sollers as an umbrella brand for the company and its subsidiaries.