AvtoVAZ 2011 net profit jumps 86%

Russia's largest car maker, AvtoVAZ, saw 2011 net profit jump 86.2 percent year-on-year to 6.7 billion rubles ($213 million) to IFRS, the firm said in a statement on Friday. The net profit was below a consensus forecast of analysts polled by RIA Novosti of 7.4 billion rubles ($235.7 million). Revenues climbed 27.3 percent year on year to 175.1 billion rubles, but administrative expenses rose 30.5 percent to 13.7 billion rubles, and transportation expenses increased 46.7 percent to 9.1 billion rubles. "The financial result of the AvtoVAZ group's operations were formed with the profits of OJSC AvtoVAZ of 3.1 billion rubles to Russian Accounting Standards [RAS], profits from the operations of subsidiary businesses of 0.3 billion rubles, and adjustments in line with IFRS requirements of plus 3.3 billion rubles," the company said.