Mechel's Southern Kuzbass Coal Co's H1 losses fall 5% to RAS
KEMEROVO. July 28 (Interfax) - The Mechel coal and steel group's Southern Kuzbass Coal Company saw net losses to Russian Accounting Standards (RAS) fall 5% year-on-year to 1.715 billion rubles in H1 2014, the coal company said in a report.
Sales revenue fell 11% year-on-year to 13.371 billion rubles.
The reason for the change was not disclosed in the report.
Southern Kuzbass financial highlights ('000 rubles):
| H1 2014 | H1 2013 | |
| Sales revenue | 13 370 824 | 14 997 921 |
| Cost of sales | 11 409 485 | 13 010 524 |
| Gross profit | 1 961 339 | 1 987 397 |
| Operating profit | (94 158) | 561 808 |
| Profit (loss) before tax | (1 768 879) | (1 979 565) |
| Net profit (loss) | (1 715 383) | (1 803 013) |
Accounts receivable grew to 13.832 billion rubles by June 30, 2014 from 12.205 billion rubles on December 31, 2013. Long-term payables rose to 69.887 billion rubles from 62.942 billion rubles and short-term payables fell to 20.161 billion rubles from 24.523 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.
