Giant profit of giant automaker

27.08.2008 (17:01)

The net profit of KAMAZ under IFRS nearly doubled to USD 291m in 2007, the Russian automotive giant's press office reported today.

The company attributes the increase to favorable market conditions, higher production and sales, and effective control over spending. However, a heavier tax burden prevented net profit from rising even higher.

Revenue climbed 37 percent to RUB 97.229bn (approx. USD 3.96bn), gross profit jumped 66.4 percent to RUB 21.628bn (approx. USD 879.9m), and operating profit doubled to RUB 10.939bn (approx. USD 445m). KAMAZ sold 54,200 trucks in 2007, a 24-percent increase from the previous year. Specifically, truck sales in Russia grew 25 percent to 40,200 vehicles, while exports went up 20 percent to 13,500 trucks, RBC reports.

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