However, due to increased expenses, the increase in net profit was much more modest.
For nine months, UzAuto Motors revenue amounted to 38.1 trillion soums. This is 43.5% more than the same period last year, the company said in its report.
At the same time, production costs increased almost 1.5 times – up to 33 trillion soums. However, gross profit from product sales exceeded 5.1 trillion soums, increasing by 21% over the year.
The automaker’s operating expenses have increased by a quarter since the beginning of the year and amounted to 3.07 trillion soums. Administrative costs increased especially strongly (+57.9%), although they amounted to only 432.7 billion soums.
Taking into account other income, profits from core activities amounted to 2.34 trillion soums (+9.6%). However, unlike last year, this amount decreased slightly after taking into account the company’s financial activity.
Income in this section amounted to 1.3 trillion soums (+87.9%), most of which was due to gains on exchange rate dynamics (876.6 billion soums). Expenses more than doubled, also mainly due to losses from currency fluctuations.
Despite this, the automaker’s profit before taxes increased by more than 100 billion soums and amounted to 2.29 trillion soums. The company paid 363.8 billion soums to the budget.
UzAuto Motors received 1.93 trillion soums of net profit for three quarters. Compared to last year, the amount increased by 5.2%.
The company’s assets at the end of September amounted to 35.12 trillion soums, having decreased by 400.9 billion soums (-1.1%) since the beginning of the year. In particular, the amount of cash decreased by more than half, while at the same time the volume of inventory increased noticeably.
At the same time, the company’s liabilities amounted to 27.75 trillion soums – 1.4 trillion soums less than the beginning of the year. Current debt has decreased by more than 3 trillion soums.
