Tashkent, Uzbekistan, Nov. 3
By Demir Azizov – Trend:
Net loss calculated according to national accounting standards of General Motors Powertrain-Uzbekistan (GMPT-Uzbekistan) engine plant, which is a joint venture of the Uzbek Uzavtosanoat JSC and the US General Motors (GM) corporation, increased by 9.2 times and totaled 43.408 billion soums ($1=3102.18 on Nov. 3) in January-September 2016 compared to the same period of 2015, says the company’s report.
The report, posted on Uzbekistan’s Single Portal of Corporate Information (openinfo.uz), says that the plant’s revenues from product sales decreased by 2.5 times to 115.543 billion soums.
Net loss from product sales was 16.636 billion soums, as compared to 56.151 billion soums in 2015.
Exchange loss decreased by 13.3 percent to 32.89 billion soums.
GMPT-Uzbekistan was established in 2008 with an authorized capital of $100 million, with the GM share being 52 percent, and the share of Uzavtosanoat JSC - 48 percent.
Construction of the plant with a project cost of $521.8 million began in 2009. In late August 2011, General Motors Powertrain Uzbekistan CJSC issued the first engines in test mode.
The plant is designed to produce 225-270,000 automotive power units annually. The enterprise produces 1.2 liter (82 horsepower) and 1.5 liter (115 horsepower) engines.
The project was financed by own funds of the joint venture in the amount of $298 million, the loans of the Fund for Reconstruction and Development of Uzbekistan - $14.9 million, loans of commercial banks of Uzbekistan totaling $156.9 million, foreign investments and credits worth $52 million.