OREANDA-NEWS. October 06, 2010. The net profit of Avtovaz group under IFRS amounted to RUB 3.1bn (approx. USD 102m) in the first six months of 2010 compared to a net loss of RUB 19.6bn (approx. USD 643m) in the corresponding period of the previous year, the car maker's press office announced today.

The group's financial performance is comprised of Avtovaz's net loss under RAS in the amount of RUB 0.6bn (approx. USD 19.6m), a net loss of consolidated subsidiaries in the amount of RUB 0.5bn (16.3m), and RUB 4.2bn (approx. USD 138m) in corrections under IFRS, the press release states.

The positive dynamics on Russia's automobile market, government support, current financial performance and the results of implementing a development program (business plan) allowed Avtovaz to secure an auditor's report for H1 2010 that does not contain a clause on the company's ability to continue operations in the near future.