MOSCOW, June 17 (Reuters) – Lada maker AvtoVAZ (AVAZ.MM), Russia’s biggest car producer, said its loss doubled last year as sales slumped in the crisis, and it booked an asset impairment provision.
Net loss totalled 49.2 billion roubles ($1.58 billion), against a 24.7 billion net loss in 2008, AvtoVAZ said on Thursday.
Revenue fell to 92 billion roubles from 168 billion in 2008, said AvtoVAZ, in which French carmaker Renault (RENA.PA) holds a one quarter stake.
Chief executive Igor Komarov said last week the company could return to operating profit this year as it has been the chief beneficiary of a government-sponsored ‘cash for clunkers’ scheme. [ID:nLDE65A11E]
For 2009, AvtoVAZ recorded an operating loss of 45.5 billion roubles, against a loss of 26.1 billion in 2008.
It has also performed a test for impairment of its fixed assets and booked a provision of over 14 billion roubles. (Reporting by Gleb Stolyarov; Writing by Maria Kiselyova; Editing by Dan Lalor) ($1 = 31.14 roubles)