Kazakh largest car factory considerably ups net profit in first quarter of 2012
Azerbaijan, Baku, April 2 / Trend E. Kosolapova/
The Kazakh largest car assembly plant Asia-Avto located in Ust-Kamenogorsk, East Kazakhstan region considerably ups net profit in first quarter of 2012, Novosti-Kazakhstan reported with the reference to the plant's financial statements under international financial reporting standards (IFRS). The plant's net profit amounted to 693 million tenge ($4.69 million) in January- March 2012 compared to 187 million tenge ($1.26 million) in the same period of 2011.
The plant's income rose by 2.7 times in the reporting period to 6.723 billion tenge ($45.46 million), the gross profit also increased by 2.7 times to 1.689 billion tenge ($11.42 million).
Carmaker's profit before taxes rose by 4.7 times to 886 million tenge ($5.99 million).
The company's assets in the first three months of 2012 rose by 15 percent - to 13.037 billion tenge ($88.1 million), liabilities increased by 12 percent - to 9.610 billion tenge ($64.95 million), equity rose by 25 percent - to 3.427 billion tenge ($23.16 million).
Asia-Avto is the largest car assembly plant in Kazakhstan. It cooperates with world's leading car corporations Volkswagen Group, General Motors, Renault-Nissan-AvtoVAZ and KIA Motors. In the first quarter the plant produced 2,797 passenger cars (2.3 times increase compared to the same period of 2011). Plant's sales hit 2,312 vehicles in the reporting period (2.4 times increase). Plant produced 88.4 percent of all passenger cars produced in Kazakhstan in this period.