AvtoVAZ revenue according to Russian accounting standards (RAS) collapsed by 12.1 percent (up to 256.851 billion rubles) at the end of last year. This is reported by TASS.
At the same time, the net profit of Russian auto giant increased almost twice, reaching 741.7 million rubles. The gross profit of the company decreased by 2.7 percent (up to almost 20 billion rubles). The cost of sales amounted to 235.9 billion rubles (minus 13.2 percent).
AvtoVAZ commercial expenses fell to 8.1 billion rubles (minus 20.4 percent), sales profit jumped by 63.9 percent (up to 6.7 billion rubles). The net loss of the Company on International Financial Reporting Standards (IFRS) amounted to 196 million euros against 72 million euros profit a year earlier. Revenues fell to 2.799 billion euros against 3.376 billion euros in 2019.
Earlier, Russian authorities refuted information about the shortage of cars in the country. According to the head of the Ministry of Industry, Denis Manturova, a lack of a coronavirus pandemic and logistic difficulties, gradually goes to a decline.
In January of this year, in the countries of the European Union “AvtoVAZ” managed to implement only 62 LADA brand car. Compared with the same month of last year, sales collapsed three times.