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Russia's Raspadskaya says H1 2012 net loss at $19 mln
September 21, 2012 / 6:51 AM / 5 years ago

Russia's Raspadskaya says H1 2012 net loss at $19 mln

MOSCOW, Sept 21 (Reuters) - Russian coal miner Raspadskaya said on Friday it incurred a net loss of $19 million for the first half of 2012 on the back of weak domestic demand for coking coal.

The company, in which steelmaker Evraz has a stake, also said in a report its revenue fell 24 percent to $285 million and adjusted earnings before interest, taxation, depreciation and amortisation decreased 46 percent to $99 million.

Raspadskaya was Russia’s largest coking coal miner until a deadly accident at its key mine in 2010 reduced its output sharply. Its net income for the first half of 2011 totalled $99 million.

The company reported in July that sluggish domestic demand for coking coal made a big dent in first-half sales, prompting it to review its spending plans. (Reporting by Polina Devitt; editing by Vladimir Soldatkin)

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