Chelyabinsk Zinc posts Net Loss of $33.51 million for 1H 2008
Russian zinc producer, Chelyabinsk Zinc, has posted a Net Loss for 1H 2008 of $33.51 million under IFRS.
The bottom line result comes after a Net Profit of $45.86 over the same period 2007. Adjusted EBITDA came in at $24.16 million, down 71% year on year, on the back of Revenues of $209 million, down 29%. The company attributed the losses to write offs stemming from evaluation of reserves in the Amur Zinc field in Russia’s far east, a $28 million revaluation of non material assets, and the decline in global zinc prices between 1H 2007 and 1H 2008.
Chelyabinsk Zinc increased production over the half by 5.5% year on year, to more than 84,000 tonnes, with Sales up 6% to 76,400 tonnes.
CTC Media posts 3Q 2008 Net Income of $20.9 million
You can share this story on social media:
Follow RT on
Dear readers! Thank you for your vibrant engagement with our content and for sharing your points of view. Please note that we have switched to a new commenting system. To leave comments, you will need to register. We are working on some adjustments so if you have questions or suggestions feel free to send them to feedback@rttv.ru. Please check our commenting policy
