Kuzbass Fuel Co posts IFRS net losses of 393 mln rubles in H1 against profit year earlier
KEMEROVO. Aug 12 (Interfax) - Kuzbasskaya Toplivnaya Kompaniya (Kuzbass Fuel Company, KTK) posted net losses to International Financial Reporting Standards (IFRS) of 393 million rubles in January-June 2016 against 303 million rubles of net profit for the same period of 2015, the company said in a report.
Revenue fell 2% to 11.093 billion rubles.
EBITDA plunged 73% to 402 million rubles from 1.5 billion rubles in H1 2015 and operating profit fell to 215 million rubles from 962 million rubles, mainly due to the lower revenue.
Cost of sales rose 11% to 10.26 billion rubles, reflecting the increase in tariffs at the end of last year.
Kuzbass Fuel Co financial highlights (mln rubles):
| H1 2016 | H1 2015 | |
| Revenue | 11 093 | 11 307 |
| Cost of sales | 10 262 | 9 244 |
| Gross profit | 831 | 2 063 |
| Operating profit (loss) | (215) | 962 |
| EBITDA | 402 | 1 501 |
| Net profit (loss) | (393) | 303 |
Kuzbass Fuel Company is one of the largest steam coal producers in Russia and includes the Vinogradovsky, Karakansky-South and Cheremshansky open-pit mines, the Kaskad-1 and -2 washing plants, a distribution network and infrastructure enterprises in the Kuznetsk coal basin (Kuzbass, Kemerovo region).
General Director Igor Prokudin controls 50.0727% of Kuzbass Fuel Company shares through Haver Holding Limited and board chairman Vadim Danilov has 16.78%. Prosperity funds hold 27.34%.
