Finam.- Avtovaz has made a net profit of €67 million according to IFRS within the first half of 2021, in contrast with the €316 million loss of the same period of the previous year, as stated in the financial report of the main shareholder of the Volga Automobile Plant: the French manufacturer Renault.
In the meantime, the operational profit of the company has also improved year-on-year according to the document, rising to €110 million from last year’s €2 million loss. Profit before taxes has also increased to €85 million, in comparison with the €33 million loss in 2020.
Avtovaz is 100% owned by the Dutch Alliance Rostec Auto BV, which is a joint venture between the state enterprise Rostec and Renault. Approximately 32% of the joint venture belongs to the Russian side, leaving the remaining majority of 68% to the French company.
