Russia's Avtovaz posts H1 net loss of 2.6 bln roubles

MOSCOW Wed Oct 2, 2013 10:18am EDT

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MOSCOW Oct 2 (Reuters) - Russia's largest car maker AvtoVAZ posted on Wednesday a first-half net loss of 2.6 billion roubles ($80.7 million) compared with a 27.4 billion profit the year earlier, hurt by the weak state of the market in a slowing economy.

The company, which Franco-Japanese alliance Renault-Nissan plans to take control of by mid-2014, also said in a statement its revenue decreased 7 percent to 83 billion roubles. ($1 = 32.2395 Russian roubles) (Reporting by Gleb Stolyarov; Writing by Maria Kiselyova; Editing by Megan Davies)

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