UPDATE: Russia’s AvtoVAZ RAS net loss narrows 18% to 35.5 bln rbl in 2016

(Adds details in paragraphs 3–4)

MOSCOW, Feb 10 (PRIME) -- The net loss of Russia’s largest carmaker AvtoVAZ narrowed by 18% to 35.467 billion rubles in 2016, as calculated under Russian Accounting Standards (RAS), the company said in a report on Friday.

Revenue rose 11.45% to 189.974 billion rubles in the year. Gross loss fell 3.5% to 4.9 billion rubles.

The sales loss narrowed 10% to 17.7 billion rubles, but selling costs grew 18% to 5.77 billion rubles. Administrative costs fell 27% to 7.05 billion rubles. Incomes from received subsidies went up 34% to 17.7 billion rubles, the report said.

Long-term liabilities of AvtoVAZ stood at 96.86 billion rubles as of the end of 2016, up 5.5% from 91.755 billion rubles as of December 31, 2015. Short-term liabilities rose 4.5% to 117.7 billion rubles.

Previously, the company said its net loss calculated under International Financial Reporting Standards (IFRS) narrowed 39.3% to 44.8 billion rubles in 2016.

(59.0235 rubles – U.S. $1)

End