OAO Avtovaz said its fourth-quarter normalized net income was a loss of 1.60 Russian rubles per share, compared with a loss of 4.46 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 3.66 billion rubles, compared with a loss of 10.19 billion rubles in the prior-year period.

The normalized profit margin rose to 15.0% from negative 22.5% in the year-earlier period.

Total revenue grew 20.3% on an annual basis to 54.45 billion rubles from 45.25 billion rubles, and total operating expenses grew 5.0% from the prior-year period to 58.37 billion rubles from 55.57 billion rubles.

Reported net income came to a loss of 10.76 billion rubles, or a loss of 4.71 rubles per share, compared to a loss of 58.07 billion rubles, or a loss of 25.42 rubles per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 6.13 rubles per share, compared with a loss of 9.06 rubles per share in the prior year.

Normalized net income was a loss of 14.97 billion rubles, compared with a loss of 20.70 billion rubles in the prior year.

Full-year total revenue rose year over year to 184.93 billion rubles from 176.48 billion rubles, and total operating expenses totaled 200.94 billion rubles, compared with 201.31 billion rubles in the year-earlier period.

The company said reported net income came to a loss of 45.01 billion rubles, or a loss of 18.42 rubles per share, in the full year, compared with a loss of 73.94 billion rubles, or a loss of 32.37 rubles per share, the prior year.

As of Feb. 10, US$1 was equivalent to 58.44 Russian rubles.