February 15, 2018 / 9:30 AM / 9 days ago

Lada-maker Avtovaz cuts annual losses as auto market recovers

Feb 15 (Reuters) - Russia’s biggest car maker Avtovaz reported a sharp reduction in its annual loss on Thursday, helped by a recovery in its domestic market.

The maker of Lada cars said its annual net loss narrowed to 9.7 billion roubles ($171.3 million) compared to a loss of 44.8 billion roubles in 2016.

Avtovaz, majority-owned by France’s Renault, pushed through initiatives to reduce costs and added new models to its line-up, amid steep decline in local market.

Its efforts were boosted by recovery of Russian market, which grew 11.9 percent last year, after four years of decline, and is seen growing again in 2018.

Revenues jumped 22 percent to 225.6 billion roubles. ($1 = 56.6390 roubles) (Reporting by Anna Pruchnicka and Anna Rzhevkina; Editing by Keith Weir)

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