Net profit at UzAuto almost halves in 1Q23

By Muzaffar Ismailov in Tashkent May 4, 2023

Net sales revenue of UzAuto Motors in 1Q23 amounted to UZS 8.85 trillion ($776.7mn), the financial automaker said in a financial release. Compared to 1Q22, sales rose by 2%. Net profit shrank by 43.8% y/y to $22.58mn.

The cost of production during the first quarter of this year expanded by 3.5% to $671mn, the company also said. As a result, UzAuto's gross profit decreased by 6.6% y/y.

Due to a 74% expansion in sales costs and administrative costs that were fivefold higher, profit from core activities declined by 2.3 times y/y to $24mn.

Also, as a result of a 3.3-fold decrease in income from FX differences, financial revenues fell almost two-fold to $24.2mn.

 

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