MOSCOW, Feb 18 (Reuters) - 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 contracting market.
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 upmarket.
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)