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KAMAZ reported losses after profit a year earlier
The net loss for the first nine months of this year amounted to 3.8 billion rubles.
Kamaz, Russia's largest maker of heavy trucks, reported a loss after making a profit a year ago. The net loss for the first nine months of this year was 3.8 billion rubles, compared with a profit of 15.8 billion rubles for the same period last year.
According to the company's financial statements, revenue for the reporting period decreased by 7.5% to RUB 228.8 billion. Compared to a profit of RUB 17 billion in 2023, the loss from sales amounted to more than RUB 1 billion. Total profit fell by half, reaching RUB 15.5 billion.
In December 2023, the board of directors of PJSC KAMAZ approved the company's strategic development program until 2030. The company planned to increase annual sales to 60 thousand units, RBC recalls.
At the beginning of the year, the German company Daimler Trucks sold 15% of KAMAZ shares, the amount of the deal was not disclosed. After the start of military actions in Ukraine, German concerns did not participate in Russian business. The new owners of 15% are not yet known.