Russian pig iron and coking coal company Koks Group has announced its financial and operating results for the first half of 2012.
In the first six months of the current year, Koks Group registered a net profit of RUB 899 million ($28.2 million), down 45 percent compared to the corresponding period of the previous year. The company's sales in the given period decreased by four percent year on year to RUB 23.4 billion ($733.4 million), while its operating profit was RUB 2.4 billion ($75.2 million), down 17 percent year on year.
In January-June, the pig iron output of Koks Group amounted to 1.06 million mt, remaining unchanged compared to the corresponding period of the previous year. Iron ore and coking coal output of the company in the same period increased by two and 24 percent to 2.36 million mt and 720,000 mt respectively, both year on year.
While coking coal prices see a gradual decline since the fourth quarter of 2011, average pig iron prices in the second quarter were above first quarter levels.