MOSCOW Feb 18 Russia's largest carmaker,
Avtovaz, reported a loss of 6.9 billion roubles ($196
million) for 2013 under Russian accounting standards, due to a
deterioration in the country's auto market.
Russian auto sales have faltered as economic growth slowed,
causing people to put off making large purchases. Car sales fell
by 5 percent in 2013, according to lobby group AEB, which is
forecasting another weak year because of the faltering economy.
The loss for the maker of Lada cars compared to a profit of
211 million the previous year. Revenue fell 4 percent to 175
billion roubles, the company said, with sales of Ladas down 19
percent to 481,000 cars.
Avtovaz's new Chief Executive Bo Andersson announced plans
recently to axe 2,500 jobs to help it back to profit in a
Avtovaz is due to come under the control of French-Japanese
alliance Renault-Nissan this year, with its
new masters planning to win market share by taking the boxy Lada
The results were calculated according to Russian accounting
standards (RAS), which are used as a guide to the company's
performance under international reporting standards.
($1 = 35.2150 Russian roubles)
(Reporting by Megan Davies; editing by Tom Pfeiffer)