MOSCOW, May 16 (RIA Novosti) - Russia's largest carmaker AvtoVAZ posted on Friday a 500% year-on-year increase in net profit calculated to Russian Accounting Standards (RAS) to 4.1 billion rubles ($172 million) in the first quarter of 2008.
The figure rose by over 7% against October-December 2007.
The carmaker's net profit went up 57.3% to 3.95 billion rubles ($166 million) last year, when AvtoVAZ sold a record 663,500 cars.
