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Russia carmaker Avtovaz reports massive net loss of US$221 million

MOSCOW--The leading Russian carmaker Avtovaz reversed into a net loss last year because of a sales slump on the Russian market, the company reported on Friday.

But the new chief executive said he was confident of turning the company round.

Avtovaz, which is being absorbed by the French-Japanese group Renault-Nissan, turned in a net loss of 7.9 billion rubles (161 million euros/US$221 million). That figure was a big switch from a net profit of 29.2 billion rubles in 2012.

The company, which makes Lada vehicles, said that sales revenues fell by 6.8 percent to 177 billion rubles.

Avtovaz president Bo Inge Andersson said that “2013 was not easy for our company.”

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