Russia’s Kamaz expects 288 mln rbl IFRS net profit in 2020

MOSCOW, Dec 30 (PRIME) -- Russia’s largest truck producer Kamaz plans to receive a 288 million ruble net profit in 2020 against an expected net loss in 2019, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Monday.

“The net profit should reach 288 million rubles with a planned revenue of 204 billion rubles,” the company said.

Previously CEO Sergei Kogogin said that the company would have a net loss in 2019 instead of an expected 500 million ruble net profit as it fails to receive an export subsidy because it currently covers only exports of ready-made cars.

Kamaz also plans to maintain sales in Russia slat on the year in 2020.

“At a meeting of the board of directors, a 2020 business plan of the company was approved. In accordance with the document, Kamaz should sell 35,709 vehicles next year, of which 29,000 will be delivered to the domestic market and 6,709 to the markets of foreign countries. Kamaz’s share on Russia’s truck market would reach 46%,” the company said.

The company raised its investment plan for 2020 to 14.1 billion rubles from 10 billion rubles, a slight contraction from a 15 billion ruble plan for 2019.

(62.0315 rubles – U.S. $1)

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