Sollers has made a net loss of 136 million rubles at the end of H1 2019

Sollers has made a net loss of 136 million rubles at the end of H1 2019


 

RusAutoNewsCom.- As announced by the company press office, the revenue of Sollers Group has increased to 15.1 billion rubles by the end of the first half of 2019, which indicates a 6.9% year-on-year rise.

The EBITDA indicator has also increased during the aforementioned period, by 54.8% to 1.82 billion rubles. The operating income of the company has increased to 1.09 billion rubles during the same period, from last year’s 416 million rubles.

The net debt of the company has amounted to 3.8 billion rubles, slightly increasing from 3.7 billion rubles on 31.12.2018. A loss of 136 million rubles has been recorded according to the results of the first half of the year, due to non-recurrent factors, including the revaluation of financial instruments.

The General Director Nikolai Sobolev has made the following statement: “Despite the negative trend in Russian automobile market, the development of the product range of our key brand UAZ and the reformation of the sales structure have resulted in revenue growth for the Group during the first half of 2019 and the implementation of the cost optimisation program has improved the company’s operating profit. Sollers will continue with the consolidation of its position during the second half of the year through the introduction of new products to the market and the active development of the joint venture”.