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PAO Zawolzhsky Motorny Zawod swings to loss in Q2

PAO Zawolzhsky Motorny Zawod said its second-quarter normalized net income came to 35.9 million rubles, compared with income of 96.5 million rubles in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 16.1% from 14.5% in the year-earlier period.

Total revenue declined 66.3% on an annual basis to 223.6 million rubles from 664.3 million rubles, and total operating expenses decreased 57.1% year over year to 273.7 million rubles from 638.0 million rubles.

Reported net income came to a loss of 47.3 million rubles, compared with income of 121.3 million rubles in the prior-year period.

As of Aug. 14, US$1 was equivalent to 64.65 Russian rubles.