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AvtoVAZ Q4 loss widens YOY

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AvtoVAZ Q4 loss widens YOY

OAO Avtovaz said its normalized net income for the fourth quarter came to a loss of 4.49 Russian rubles per share, compared with a loss of 1.29 rubles per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.26 billion rubles, compared with a loss of 2.95 billion rubles in the year-earlier period.

The normalized profit margin declined to negative 22.5% from negative 5.2% in the year-earlier period.

Total revenue fell 20.0% year over year to 45.25 billion rubles from 56.58 billion rubles, and total operating expenses fell year over year to 55.69 billion rubles from 56.60 billion rubles.

Reported net income came to a loss of 58.07 billion rubles, or a loss of 25.42 rubles per share, compared to a loss of 8.60 billion rubles, or a loss of 3.77 rubles per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 9.09 rubles per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 5.10 rubles.

EPS was a loss of 5.38 rubles in the prior year.

Normalized net income was a loss of 20.77 billion rubles, compared with a loss of 12.28 billion rubles in the prior year.

Full-year total revenue declined 8.0% on an annual basis to 176.48 billion rubles from 191.73 billion rubles, and total operating expenses came to 201.42 billion rubles, compared with 201.80 billion rubles in the prior-year period.

The company said reported net income totaled a loss of 73.94 billion rubles, or a loss of 32.37 rubles per share, in the full year, compared with a loss of 25.11 billion rubles, or a loss of 10.99 rubles per share, the prior year.

As of Feb. 11, US$1 was equivalent to 80.14 Russian rubles.