Baku, Azerbaijan, May 3
By Elena Kosolapova – Trend:
Kazakh largest car producer Azia Avto notably improved its financial indicators in 1Q2017 due to significant increase in production and sales, the plant said in a message May 3.
The net profit of the plant hit 2.495 billion tenges (315 tenges = $1) in 1Q2017 compared to 634.61 million tenges loss in 1Q2016.
Revenues of the plant hit 8.177 billion tenges in the reporting period compared to 4.621 billion tenges in the same period of 2016 (77 percent increase).
Operating profit hit 2.564 billion tenges in 1Q2017 compared to 184.78 million in 1Q2016.
Azia Avto’s assets hit 50.068 billion tenges at the end of March 2017 compared to 50.188 billion tenges at the beginning of the year. The plant’s capital increased from 5.838 billion tenges to 8.333 billion tenges in 1Q2017. Liabilities decreased from 44.35 billion tenges to 41.734 billion tenges in the period.
The car plant Azia Avto, located in Kazakh city of Ust-Kamenogorsk, was founded in 2002 and it is the largest car producer in Kazakhstan. The plant’s partners include Volkswagen Group, General Motors, Renault-Nissan-AvtoVAZ and KIA Motors. In 1Q2017 the plant produced 2,623 cars.
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