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. Last Updated: 07/27/2016

AvtoVAZ H1 Sales Plummet

MOSCOW — Struggling Russian car maker AvtoVAZ saw its net loss widen to 19.4 billion rubles ($655.4 million) in the first half of 2009 from 1.9 billion a year ago as demand for cars slumped in the economic crisis.

"A decline in sales and car production volumes has led to significant losses," the company said in a statement.

Russian car sales have plummeted this year as recession-hit consumers have cut spending. Car sales fell 52 percent year on year in September.

AvtoVAZ, in which French carmaker Renault has a 25 percent stake, said revenue almost halved to 53.1 billion rubles from 98.5 billion in the first half of 2008, calculated under International Financial Reporting Standards.

In January through June, AvtoVAZ sold 169,000 Lada cars against 378,000 in the same period last year.

As of June 30, AvtoVAZ's total debt stood at 59.9 billion rubles, including 58.2 billion short-term. Short-term liabilities, which also include money owed to suppliers and taxes due, amounted to 105.5 billion rubles.

On Monday, shares in AvtoVAZ were down 1.4 percent at 16.63 rubles, against a rise of 3 percent on the broad MICEX index.