Chelyabinsk Zinc posts 1H 2010 net profit of 678 million roubles

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Russian zinc producer, Chelyabinsk Zinc, has posted a 1H 2010 net profit of 678 million roubles under IFRS.

The net result is a sharp turnaround from the 136 million rouble net loss posted for 1H 2009, with 1H EBITDA rising 160% year on year to 1.413 billion roubles, as revenues rose 59% year on year to 5.615 billion roubles.

The company said revenues were boosted by a 25% year on year increase in sales of zinc and zinc alloys, with lead concentrate sales rising 15%, and by-product sales jumping 73%, with finance and income costs falling from 76 million roubles for 1H 2009, to 19 million roubles this year, and net foreign currency losses falling from 74 million roubles for 1H 2009 to 36 million this year.