Russia's GAZ Reports Strong Revenue Increase in 2010

Russia's GAZ Group, which is owned by billionaire Oleg Deripaska, earned 2.1 billion rubles (about €52.5 million) in net profit in 2010, the company's President Bo Andersson told Reuters yesterday.

Revenue for the year rose 47% compared to 2009 to 96.7 billion rubles, he said.

"The main factor in the group's successful financial results and the driver behind revenue growth was the launch of the new GAZelle Business vehicle," he said.

GAZ, which was close to bankruptcy before a government bailout in 2009, hasn't reported financial results since 2007.