MOSCOW, Russia - Russia's largest car maker AvtoVAZ made a 3.6 billion ruble ($130.43 million) net profit to IFRS in 2010 following a 49.2 billion ruble loss in 2009, the company said in a statement on Tuesday.
"The positive financial result was formed thanks to AvtoVAZ's profit to Russian Accounting Standards (RAS) of 2.1 billion rubles, an 800 million ruble loss from activities of consolidated subsidiaries and income from adjustments in accordance with IFRS amounting to 2.3 billion rubles," the firm said.
Revenue soared 57.5% to 137.6 billion rubles in 2010 on the back of increased demand, including a state-sponsored "cash-for-clunkers" program launched last March.
Source: RIA Novosti
Following a disastrous 2009, company bounced back last year
