General Motors Powertrain Uzbekistan receives profit in 1H17
Tashkent, Uzbekistan, Aug. 23
By Demir Azizov – Trend:
General Motors Powertrain Uzbekistan (GMPT Uzbekistan), an engine joint venture (JV) of Uzbekistan’s Uzavtosanoat JSC and the US’s General Motors, in January-June 2017 received net profit of 40.733 billion soums calculated in line with the International Financial Reporting Standards, according to the JV’s report published on the Uzbek Single Portal of Corporate Information.
The JV's net loss reached 42.915 billion soums in the same period of 2016, the report said.
Net proceeds from sales of products increased by 6.5 times to 326.541 billion soums, the cost of production grew 3.5 times to 182.323 billion soums, said the report.
Gross profit of the JV amounted to 144.217 billion soums, while in 2016, gross loss reached 1.667 billion soums. At the same time, losses from exchange rate differences increased by 4 times to 81.663 billion soums.
Debt of the JV to suppliers and contractors in the first half of 2017 grew 11.7 percent to 100.643 billion soums.
The official exchange rate for August 23 is 4,182.3 soums/$1.