RIA Novosti reported that Net profit of Russia's largest car maker AvtoVAZ doubled to RUB 6.4 billion in the first half of 2011 to International Financial Reporting Standards.

The car maker said in a statement that "The group's financial result was formed with AvtoVAZ RUB 2.1 billion- profit to Russian Accounting Standards, RUB 400-million operating profit of the group's subsidiaries and adjustments envisaged by IFRS requirements totaling RUB 3.9 billion."

The group's revenues in the first six months of 2011 hit RUB 82.2 billion compared to RUB 59 billion in the same period of 2010.

(Sourced from RIA Novosti)