KAMAZ reports net profits of nearly $2 mln
Leading Russian truck maker KAMAZ reported $1.98 million in net profits for the first nine months of 2005 against a loss of $706,638 during the same period in 2004, the company said in a report Thursday.
Leading Russian truck maker KAMAZ reported $1.98 million in net profits for the first nine months of 2005 against a loss of $706,638 during the same period in 2004, the company said in a report Thursday.
Net revenues grew by 34.1% to $1.37 billion, and the cost of goods sold increased by 41.4% to $1.2 billion.
The KAMAZ Group consists of 110 enterprises and produces about 65,000 trucks annually.
A deputy economic development and trade minister said on February 16 that the state would remain a stockholder in the company but might reduce its 34% stake through an initial public offering.
State-owned foreign trade bank Vneshtorgbank is another major stockholder in KAMAZ with a 25% stake.