Koks group posts FY 2010 net profit of 3.27 billion roubles

Russian coal producer Koks Group has posted FY 2010 net profit of 3.27 billion roubles under IFRS

The bottom line compares with the FY 2009 net loss of 808 million roubles, with EBITDA increasing 121% to 9.159 billion roubles, on the back of a 64% increase in revenues 44.259 billion roubles from 26.993 billion roubles posted for FY 2009.The Company attributed the results to a 12% increase in coke production to 2.8 million tonnes, rising global coke and pig iron prices and increased domestic market pig iron merchant sales. The company noted that its discontinuation of its Nickel segment had provided for better day to day management and added it will remain strategic focused on development of a vertically integrated business focused on coking coal extraction and processing and pig iron production