Russian miner Raspadskaya posts H1 net loss of $68 million

MOSCOW Thu Aug 22, 2013 3:20am EDT

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MOSCOW Aug 22 (Reuters) - Russian coking coal miner Raspadskaya posted a first-half net loss of $68 million, due to sluggish demand and a temporary halt at its main mining operations, compared with a loss of around $19 million in the same period of 2012,

The company, controlled by steelmaker Evraz, said on Thursday revenue rose 5 percent year-on-year to $301 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) tumbled 73 percent to $27 million.

The firm attributed the drop in profit to weak domestic demand and the suspension of operations in Raspadskaya mine in May due to elevated gas levels.

In July, the miner revised down its output forecast for 2013 by more than quarter, seeing coking coal production at 8 million tonnes by the end of the year.

Coking coal is an ingredient in steelmaking, an industry hit by slowing growth in top consumer China and poor demand in crisis-hit Europe.

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