Raspadskaya Coal Company (Raspadskaya), one of the largest coking coal producers in Russia, has announced its financial results based on consolidated international financial reporting standards (IFRS) for the first half of the current year. Raspadskaya stated that, after declining in early 2016, coal prices in the international and domestic markets rose moderately in the second quarter, marking the first improvement in market conditions for a long time.
In the first half of this year, Raspadskaya registered a net profit of $49 million, compared to a net loss of $8 million in the first half of 2015, while its sales revenue declined by 15 percent year on year to $193 million. In the same period, Raspadskaya’s EBITDA fell by 21 percent year on year to $53 million, which was affected by the fall in revenues, mainly due to lower prices and production.
During the first half of the year, Raspadskaya's capital expenditure declined by 29 percent year on year to $15 million.
Raspadskaya's net debt as of June 30 this year increased by one percent as compared to June 30 last year to $444 million.