Support The Moscow Times!

GAZ 2011 Net Soars

GAZ recorded a fourfold rise in net profit in 2011 to 8.5 billion rubles ($274.87 million) and expects to achieve similar financial results in 2012, the company said Thursday.

The van maker forecast in November that full-year 2011 net profit would come at 3.5 billion to 4.0 billion rubles after it earned 2.1 billion rubles in net profit in 2010.

A revival in demand after the 2008-09 crisis drove revenues up 37 percent year on year to 132.4 billion rubles, while EBITDA increased 64 percent to 13.97 billion rubles. According to the Association for European Businesses, GAZ's sales rose 17 percent in 2011.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.