Russia’s Kamaz raises 2016 net profit forecast to 200-230 mln rbl

MOSCOW, Dec 29 (PRIME) -- Russia’s largest truck maker Kamaz has raised its 2016 net profit forecast to about 200–230 million rubles from 150–200 million rubles, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday citing CEO Sergei Kogogin.

“This year we are going to receive a revenue of 125 billion rubles and about 200–230 million rubles of net profit,” Kogogin said as cited by the company.

Previously, Kogogin said that Kamaz plans to raise sales 15.5% on the year to 33,500 trucks in 2016 and to about 36,000 trucks in 2017. The company’s 2017 investment program is planned at 20 billion rubles, up from 7 billion rubles in 2016.

(60.6669 rubles – U.S. $1)

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