Avtovaz swings to profit in Q1 but warns of FX impact

Avtovaz swings to profit in Q1 but warns of FX impact
April 26 (Reuters) - Russia's biggest car maker Avtovaz returned to profit in the first quarter, on the back of stellar sales of its Lada models, but warned currency fluctuations might impact results for rest of the year.

Avtovaz said it made a net profit of 609 million roubles ($9.70 million) in the first three months of the year, reversing losses of 2.81 billion roubles for the same period last year.

The car maker's revenue soared 40 percent to 64.8 billion roubles in the quarter as Lada sales rose 28.8 percent. Three of Lada models, Vesta, Granta and Largus entered the top-10 list bestsellers in Russia, Avtovaz said.

"Significant forex fluctuations in the beginning of April 2018 might negatively impact the Russian automotive market and Avtovaz financial results later this year", Avtovaz president Nicolas Maure said.

Russian markets were hit hard in early April as investors reacted to a new round of U.S. sanctions targeting some of the country's biggest tycoons. ($1 = 62.8020 roubles) (Reporting by Anna Pruchnicka; Editing by Jon Boyle)

2018-04-26 13:20:55

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Most read today
Most read yesterday
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa