"Automaker GAZ Group, led by former GM executive Bo Andersson, boosted profit to 8.8 billion rubles ($266 million) last year on the back of cost cuts, Andersson said Tuesday.
That is 3 percent up from the previous year, he said, presenting the company's 2012 IFRS financial results.
Cost reduction efforts at the auto division of billionaire Oleg Deripaska's industrial empire spread across purchasing, logistics and energy consumption, Andersson said, while labor productivity increased 7 percent."
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