The net loss of OAO AvtoVAZ (calculated in accordance with the Russian Accounting Standards) came to 469m RUR in the first half of 2012 against the 2.065bn-ruble profit a year earlier, RBC daily reports. According to the report, the loss at the end of the six-month period was caused by lower profitability of car sales.

AvtoVAZ’s revenues rose by 3.9% in the first half of 2012 and came to 84.673bn RUR against 81.469bn RUR in the first six months of 2011. The company’s gross profit dropped by 24% and reached 8.202bn RUR in January-June 2012 compared with the 10.801bn RUR made a year earlier.