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.
In the first half of this year, Raspadskaya registered a net profit of $168 million, compared to a net profit of $49 million in the first half of 2016, while its sales revenue rose by 127 percent year on year to $439 million. In the same period, Raspadskaya’s EBITDA totaled $235 million, compared to an EBITDA of $53 million recorded in the same period of the previous year.
During the first half of the year, Raspadskaya's financing for capital investments more than doubled, up 160 percent year on year, due to the replacement of equipment at its Razrez Raspadsky mine, the repair and renewal of cleaning equipment at the Raspadskaya mine, and the acquisition of equipment to improve operational efficiency at its preparation plant.
Raspadskaya’s general director Sergey Stepanov stated that the company delivered strong results in the first half of this year, as prices for its products surged in line with international benchmarks.