14:16 GMT +326 May 2017
Live
    Business

    Raspadskaya Slips Into Red in First Half

    Business
    Get short URL
    0 0 0 0

    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.

     

    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment