AvtoVAZ’s net loss comes to 19.71bn

The net loss of the Russian automobile giant amounted to 19.71 billion RUR in January-September 2009 (the data were compiled in accordance with the Russian Accounting Standards). The loss figure was only 834 million RUR in the three quarters of 2008, the company’s report says.

AvtoVAZ’s revenues dropped down to 60.8 billion RUR in the three quarters of 2009; this comes to only 50% of revenues collected in the three quarters of 2008. The sales loss came to 5.83 billion RUR against 4.83 billion RUR worth of sales profits a year earlier.

The manufacturer explains these losses have to do with the current recession and its negative impact on car production and sales.

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