05:13 GMT +3 hours23 November 2014
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Raspadskaya Slips Into Red in First Half

Business
(updated 18:28 28.10.2014)
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Russian coking coal company Raspadskaya coal mine has posted IFRS net losses of $19 million for the first half of 2012, down from a net profit of $99 million in the same period last year, the company said on Friday.

Russian coking coal company Raspadskaya coal mine has posted IFRS net losses of $19 million for the first half of 2012, down from a net profit of $99 million in the same period last year, the company said on Friday.

Revenue for the half was down 24 percent year-on-year, falling to $285 million. Adjusted EBITDA was down 46 percent to $99 million.

CEO Gennady Kozovoy blamed "unstable demand for coking coal in Russia and a declining price trend on export markets became the main negative factor," adding the company has revised its plans for 2012 since production capacity now exceeds demand.

Foreign exchange losses of $31 million also contributed to the poor first half result, the company said.