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14 Apr, 2010 16:50

Raspadskaya posts FY 2009 net profit of $117 million

Raspadskaya posts FY 2009 net profit of $117 million

Russian coal producer, Raspadskaya, has posted a FY 2009 net profit of $117 million under IFRS.

The bottom line was down 78% year on year, with FY 2009 EBITDA down 71% year on year to $255 million, as FY revenues fell 59% to $497 million.

The company attributed the slump in net result to the global economic downturn and accompanying slump in coal prices throughout the first three quarters of 2009, but noted that sales volumes were up 59% half on half during 2H 2009 on the back of rising demand and rebounding steel and coke-chemical production.

Raspadskaya’s CEO, Gennady Kozovoy, also noted that the company had reduced net debt as of December 31 2009 to $122 million from $165 million one year earlier, and that continued capital investment and maintenance expenditure during the year had left Raspadskaya well place to capitalise on rebounding coal demand.

“In spite of negative market conditions in 1H2009 and low coal concentrate price level during three quarters of 2009 we managed to support our profitability that is vital for the maintenance of operating production and long-term development as a large mining complex. In future we will continue to focus on strengthening our status of reliable coal products supplier for metallurgical and coke-chemical industries as well as to further diversify our client base and sales markets.”