AvtoKrAZ posts net loss of UAH 24.3 mln in 1Q11

AvtoKrAZ (UX: KRAZ UK), the Ukrainian producer of heavy trucks, reported a net loss UAH 24.3 mln in 1Q11 (vs. net income of UAH 1.9 mln in 1Q10), while revenues decreased by 23% y-o-y to UAH 153 mln, according to Interfax on Friday. AvtoKrAZ exported about 85% of its output, which amounted to 219 vehicles. Vitaly Gorovoy: The company’s management related the loss to the payment of interest on loans. AvtoKrAZ’ financials have a history of manipulation via transfer pricing schemes practiced by the company.