AvtoVAZ loss in just one year increased 10 times

Net loss of “AvtoVAZ” in the first quarter of 2014 amounted to 2.95 billion rubles, follows from the statements of the company. This is almost 10 times more than the same period last year - then the loss amounted to 306 million rubles.

As the causes of such losses manufacturer calls fall of the Russian car market, a high level of fixed costs and revaluation of foreign currency loans.

AvtoVAZ President Bo Andersson indicators of dissatisfied.

“Our first quarter results unsatisfactory. To achieve the goals for 2014, we have developed and begun to implement a special program to reduce costs. Besides, we are constantly working to improve the product quality and monitor the implementation of the timetable for the preparation and launch of new products. Time is quite small, so we need to act very quickly and work as a team, “- said in a statement.

Today, AvtoVAZ announced a temporary halt their pipelines. From 17 to 30 April will be suspended production of cars LADA Kalina and LADA Granta, and from 21 to 30 April will not be issued LADA Priora. Pause companies need to modernize equipment.

Earlier in April, became aware of the drop in sales of Russian automaker. Up to the last quarter of AvtoVAZ sales decreased by 21.2% to 99,268 vehicles. Since the beginning of the year Russia had sold 91,603 cars were exported 7665.

AvtoVAZ loss under IFRS for 2013 reached 7.9 billion rubles, while the profit of the previous year amounted to 29.2 billion rubles. Revenues declined by 13 billion rubles - to 177 billion

Swede Bo Inge Andersson became the president of the Russian automaker in January 2014. Prior to that, from June 2009 Andersson headed “GAZ Group”, and before that worked at GM and Saab.

18 April 2014

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