Russian pig iron and coking coal company KOKS Group has announced its financial results for the first half of the current year.
In the first six months of the year, KOKS Group registered a net profit of RUB 4.2 billion ($60.5 million), compared to a net loss of RUB 96 million in the corresponding period of the previous year. The company's sales revenue in the given period increased by 37.36 percent year on year to RUB 29.38 billion ($422.09 million).
On the other hand, KOKS' operating profit was RUB 6.69 billion ($961.2 million), up 267.2 percent year on year.
“We are reviewing costs of each facility under construction and finding lots of cost-saving opportunities. In certain cases, we have managed to cut project costs by a third or even by a half. We will continue our effort and plan to keep annual capital investments within RUB 4–5 billion while reducing our debt portfolio”, said Evgeny Zubitskiy, president and chairman of KOKS Group.