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18 Apr, 2008 08:54

Super profits for a minor miner

The Russian coalmining firm, Raspadskaya, has posted a net profit of $US 240 million for 2007, under international financial reporting standards. This was on the back of revenues that rose 67 per cent to $US 784 million.

The company’s earnings before interest, depreciation and amortisation shot up 89.5 per cent to $491 million. This was mainly due to higher prices for coking coal in the second half of 2007.

However, the results posted were below market estimates.

The analysts at banks and investment companies have announced their cumulative forecasts: $225.3 million for net profit and $761.1 million for revenue.

Raspadskaya’s debt is also reported to have fallen to $US 44.5 million from $US 265.1 million.

Raspadskaya is 80% owned by Corber Enterprises Limited, and 20% of the company is listed on the Russian markets.