Southern Kuzbass sees RAS net loss grow 290% in 9M
KEMEROVO. Oct 27 (Interfax) - OJSC Southern Kuzbass , which is part of OJSC Mechel Mining and registered in Mezhdurechensk (Kemerovo region), saw net loss to Russian Accounting Standards (RAS) increase 290% year-on-year in January-September 2014 to 6.814 billion rubles, the company said in an earnings report.
Revenue fell 11% to 19.362 billion rubles.
The report does not say why net loss or revenue grew in the reporting period.
Main financial results ('000 rubles):
| 9M 2014 | 9M 2013 | |
| Sales revenue | 19 362 299 | 21 810 311 |
| Cost of sales | 16 699 118 | 19 297 087 |
| Gross profit | 2 663 181 | 2 513 224 |
| Operating profit (loss) | (324 699) | 420 611 |
| Profit (loss) before tax | (7 088 036) | (1 815 757) |
| Net profit (loss) | (6 814 126) | (1 730 350) |
Southern Kuzbass' accounts receivable grew to 15.944 billion rubles as of September 30 from 12.206 billion rubles as of December 31, 2013.
Non-current liabilities increased to 70.26 billion rubles from 62.942 billion rubles, while current liabilities grew to 27.172 billion rubles from 24.005 billion rubles.
Southern Kuzbass is one of the largest coal producers in Russia, operating three deep mines, four open pits, four washing plants and ancillaries.
