01 June 2004 08:58
SEVERSTAL AVTO FORESEES IAS CONSOLIDATED EARNINGS OF 25 MLN RUBLES
MOSCOW. June 1 (Interfax) - Severstal Avto is predicting its consolidated earnings to International Accounting
Standards will grow to 25 billion rubles in 2004, company General Director Vadim Shvetsov has announced.
Those same earnings were 19.360 billion rubles in 2003. Shvetsov also announced that that the company predicts IAS
consolidated earnings - based on the operations of Ulyanovsk Automotive Works and Zavolzhsky Motor Works (in which it
holds controlling stock interests) - will be 38 billion rubles in 2008. Consolidated earnings to IAS from the
implementation of new projects, particularly the planned construction of a new automotive plant in Ulyanovsk, are
predicted to be 50 billion rubles in 2008. Shvetsov said Severstal Avto will be boosting labor productivity and spinning
off non-core assets to increase operational effectiveness. The company "is getting set to produce new machines in
partnership with world automotive producers, and to do licensed assembly," he added.
[Interfax] |
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