Tashkent, Uzbekistan, Aug. 1
By Demir Azizov – Trend:
The Uzbek-American joint enterprise GM Uzbekistan received net profit calculated according to national accounting standards in the amount of 4.394 billion soums in January-June 2016 compared to 148.484 billion soums in the same period of 2015 (decrease by 33.8 times), according to the company’s report posted on Uzbekistan’s Single Portal of Corporate Information (openinfo.uz).
Sale proceeds decreased by 41.4 percent – to 1.558 trillion soums.
Gross profit amounted to 369.971 billion soums (decrease by 18.9 percent), operating income – 132.214 billion soums (decrease by 21.7 percent).
The reasons of the decrease in income were not specified.
In January-June 2016, the decline continued in Uzbek car sales in Russia, which is the main export market of GM Uzbekistan.
The company’s sales in Russia decreased by 17.2 percent – to 8,574 cars in 1H2016, according to European Automobile Manufacturers’ Association.
GM Uzbekistan, formerly known as UzDaewooAuto, was created in 1996 on a parity basis by Uzbekistan and South Korean Daewoo Motors.
In 2005, Uzbekistan acquired Daewoo's shares in UzDaewooAuto. In 2007, Uzavtoprom (Uzbek Association of Automotive Industry Enterprises) and the US-based General Motors signed an agreement to establish the GM Uzbekistan with an authorized capital of $266.7 million.