MOSCOW, May 21 (RIA Novosti) - AvtoVAZ [RTS: AVAZ], one of Russia's largest carmakers, said Monday its net profit, calculated to Russian Accounting Standards (RAS), increased by an annualized 0.3% in January-March 2007, to 645 million rubles (about $25 million).
Sales dropped 12.6% to 28.44 billion rubles (about $1.1 billion), gross profit declined 1.9% to 3.33 billion rubles (about $129 million), and pre-tax profit was down 7.1% to 1.27 billion rubles (about $49 million), the company said in a statement.
AvtoVAZ, which is located in the Volga region, attributed lower revenue figures to the reduced sales of Lada cars.
