Russian carmaker GAZ doubles 2006 net profit

Russian automaker GAZ almost doubled its 2006 net profit to 6.0 billion roubles ($232.2 million) from 3.1 billion roubles in 2005, the company said today.

GAZ, owned by tycoon Oleg Deripaska, said revenues rose to 118.8 billion roubles from 94.5 billion in 2005. Earnings before interest, tax, amortization and depreciation (EBITDA) rose to 9.4 billion roubles from 5.9 billion.

GAZ, based in the Nizhni Novgorod region, is best known for its tiny Gazelle trucks loved by small businessmen and Volga sedans, which were once assigned to drive mid-level Soviet bureaucrats but have since lost this niche to Mercedes cars.