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.