Russian pig iron and coking coal producer Industrial Metallurgical Holding (KOKS Group) has announced its financial results for the first half of the current year.
In the first half of the year, IMH registered a net profit of RUB 4.31 billion ($72.94 million), declining by five percent year on year, mainly due to the exchange rate difference over the period. The company's sales revenues in the given period increased by 54 percent year on year to RUB 43.43 billion ($734.38 million), mainly due to the increase in coal production of the company and the price recovery for its main products - coal concentrate, coke and pig iron.
On the other hand, in the first six months of the year, IMH’s operating profit was RUB 8.23 billion ($139.14 million), compared to an operating profit of RUB 3.23 billion recorded in the corresponding period of 2016, while its EBITDA increased by 105 percent year on year to RUB 9.27 billion ($156.85 million).
Meanwhile, in the same period the company increased its coking coal production by 24 percent to 1.14 million mt, while its metallurgical coke production decreased by three percent to 1.34 million mt, both compared to the same period of 2016. IMH’s iron ore production rose by three percent year on year to 2.58 million mt and its pig iron production at its subsidiary Tulachermet totaled 1.16 million mt, up three percent from the first half of the previous year.