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 2.06 billion ($30.29 million), declining by 52 percent year on year, due to currency exchange differences which drove finance expenses up by 50 percent year on year. The company's sales revenues in the given period remained almost stable year on year at RUB 43.18 billion ($634.13 million).
On the other hand, in the first six months of the year, IMH’s operating profit was RUB 7.93 billion ($116.47 million), compared to an operating profit of RUB 8.23 billion recorded in the corresponding period of 2017, while its EBITDA went down by three percent year on year to RUB 9.02 billion ($132.51 million).
Meanwhile, in the same period the company increased its coking coal production by 20 percent to 1.37 million mt, while its metallurgical coke production decreased by nine percent to 1.22 million mt, both compared to the same period of 2017. IMH’s iron ore concentrate production fell by three percent year on year to 1.1 million mt and its pig iron production at its subsidiary Tulachermet totaled 1.2 million mt, up three percent from the first half of the previous year.