Raspadskaya’s posts reduced net profit for H1

Raspadskaya Coal Company (Raspadskaya), one of the largest coking coal producers in Russia, announced on September 29 its consolidated IFRS financial results for the first half of 2011.
Accordingly, Raspadskaya's net profit amounted to $99 million in the first half of 2011, decreasing by 57 percent compared to the same period last year, probably due to a 51 percent decline in coal sales resulting from the accident at the Raspadskaya mine in May 2010 when two blasts severely damaged the mine. The company's consolidated EBITDA totaled $180 million in the first half of 2011, with a decrease of 31 percent year on year.
 
On the other hand, Raspadskaya also announced that in the first half of 2011 it signed long-term contracts with the largest Russian metallurgical and coke companies up until 2013-2015