RosGeo's net losses to RAS triple in 9M to 2.31 bln rubles

MOSCOW. Oct 25 (Interfax) - RosGeo's net losses to Russian Accounting Standards (RAS) stood at 2.31 billion rubles in January-September 2024, three times higher than for the same period last year, the holding's reporting said.

Revenue fell 4.4% to 9.06 billion rubles and cost of sales 6.4% to 7.99 billion rubles.

The company's payables fell to 6.37 billion rubles as of September 30, from 8.9 billion rubles at the end of 2023. Receivables grew marginally, from 17.496 billion on December 31, 2023 to 17.52 billion at the end of the reporting period.

RosGeo recently defaulted on bonds worth 6 billion rubles. The issuer lacks funds and other sources to fulfill its obligations. The holding said in September that it lacked the funds to make bond payments.

A group of bond holders has already filed a lawsuit against the holding with an arbitration court. It was previously reported that RosGeo was looking for sources to pay off the bonds, including through state support, and was also planning to launch negotiations with bond holders on extending the maturity of the bonds.