All news

Avtovaz to use 1H net profit for investment program

Maxim Sokolov noted that the funds will be used to continue preparing for the manufacturing of new products such as the Lada Iskra, Lada X-Cross 5, Lada Aura, and a number of other projects

ST. PETERSBURG, July 27. /TASS/. Avtovaz finished the first half of the year with a net profit under IFRS and plans to use it to finance the investment program, the company’s president Maxim Sokolov told TASS.

"We even made a small net profit under IFRS. But, in many ways, this was accomplished not just via manufacturing, but also through financial decisions, such as the purchase of a plant in St. Petersburg and the acquisition of RN-Bank," Sokolov explained.

He noted that the funds will be used to continue preparing for the manufacturing of new products such as the Lada Iskra, Lada X-Cross 5, Lada Aura, and a number of other projects.