OREANDA-NEWS. November 29, 2011. In October 2011, OJSC KAMAZ received a profit of 267 million rubles, and KAMAZ Group of Companies got a profit of 582 million rubles.

According to Elena Milinova, Deputy General Director of OJSC KAMAZ – Chief Financial Officer, the top management of the company took strict measures which enabled KAMAZ to optimize costs, increase sales, and smooth over a negative financial result of the first 9 months of 2011.

"If there are favorable macroeconomic conditions and a stable rate of the Russian ruble till the end of the year, KAMAZ will have good chances to demonstrate positive results of the fourth quarter of 2011 and strengthen its success in 2012", noted Elena Milinova.

It should be recalled that the financial losses of the first three quarters of this year resulted mainly from a significant increase in metal prices which made about 30% of the total cost of a KAMAZ vehicle, resumption of all social payments which had been terminated in the company during the crisis, and growing power rates. The results were also affected by a "paper loss" from a currency difference in a loan in Japanese Yen which KAMAZ had received from the RF Ministry of Finance.