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Profits Surge for Russia’s Sollers Group
Russian carmaker Sollers Group reports its net profit in the first half of 2017 zoomed to 575 million rubles ($9.8 million) from 34 million rubles in the same period last year.
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Russian carmaker Sollers Group reports its net profit in the first half of 2017 zoomed to 575 million rubles ($9.8 million) from 34 million rubles in the same period last year.
Revenue for the period climbed 19% to 16 billion rubles ($273 million). Operating profit fell to 1 billion rubles from 1.3 billion in January-June 2016.
The company attributes the net profit surge to cost-cutting measures, a doubling to 1,900 units in export sales, new models and additional financial services. Russia’s car market, which shrank from 2.94 million in 2012 to 1.43 million last year, is up 9% so far this year, according to the Moscow-based Assn. of European Businesses.
Sollers builds its own vehicles and partners with Ford, Mazda and SsangYong to produce others models. The company says its combined annual capacity is 550,000 vehicles.
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