April 26, 2018 / 11:21 AM / 5 months ago

Avtovaz swings to profit in Q1 but warns of FX impact

April 26 (Reuters) - Russia’s biggest car maker Avtovaz returned to profit in the first quarter, on the back of stellar sales of its Lada models, but warned currency fluctuations might impact results for rest of the year.

Avtovaz said it made a net profit of 609 million roubles ($9.70 million) in the first three months of the year, reversing losses of 2.81 billion roubles for the same period last year.

The car maker’s revenue soared 40 percent to 64.8 billion roubles in the quarter as Lada sales rose 28.8 percent. Three of Lada models, Vesta, Granta and Largus entered the top-10 list bestsellers in Russia, Avtovaz said.

“Significant forex fluctuations in the beginning of April 2018 might negatively impact the Russian automotive market and Avtovaz financial results later this year”, Avtovaz president Nicolas Maure said.

Russian markets were hit hard in early April as investors reacted to a new round of U.S. sanctions targeting some of the country’s biggest tycoons. ($1 = 62.8020 roubles) (Reporting by Anna Pruchnicka; Editing by Jon Boyle)

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