KAMAZ posts big rise in H1 profits to $88mln
Russia's largest truck-maker, KAMAZ, posted a first-half 2012 IFRS net profit of 2.733 billion rubles ($88.16 million) on Tuesday, up 31 times the figure for the same period last year, the company said, RIA Novosti reorted.
Revenue for the first half rose 27.8 percent to 56.513 billion rubles.
EBITDA rose 142 percent from 2.265 billion rubles to 5.487 billion rubles in the first half of 2012.
This improved performance was largely due to a 19.7 percent rise in sales, from 19,327 vehicles in the first half of 2011 to 23,130 this year.
The company also benefited from the introduction of a two-year efficiency program in the first quarter of 2011, drawing on the experience of shareholder and strategic partner Daimler AG.
The truck-maker will be restructured, non-core assets will be sold off, and it will instead focus on its key truck-making business, KAMAZ said in a statement.
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