April 30, 2013 / 2:05 PM / 4 years ago

Russia's truckmaker Kamaz triples 2012 net profit

MOSCOW, Apr 30 (Reuters) - Russian truckmaker Kamaz said on Tuesday it more than tripled 2012 net profit to 5.8 billion roubles ($187.57 million).

Kamaz, in which German autos group Daimler has an 11 percent stake, has been on a recovery path after being hit hard by the 2008 financial crisis when construction firms and heavy industry, where Kamaz finds most of its customers, were forced to scale back production and cancel projects.

Kamaz’s 2012 full-year revenues increased by 9.6 percent to 117 billion roubles. Sales of trucks grew 1.3 percent to 40,192.

Daimler, which overall holds a combined 15 percent of Kamaz alongside the European Bank for Reconstruction and Development (EBRD), has been in talks to buy a further stake from Sberbank-CIB, the investment arm of state lender Sberbank .

$1 = 30.9212 Russian roubles Reporting by Gleb Stolyarov; Writing by Maya Dyakina; editing by Megan Davies

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