30 Jul 2013 12:57

Net loss at Mechel's Chelyabinsk steel works balloons to 4.213 bln rubles in H1

CHELYABINSK. July 30 (Interfax) - The net loss at Chelyabinsk Metallurgical Plant (CMP), the flagship enterprise of the Mechel coal and steel group, widened nine-fold to 4.213 billion rubles in the first half of 2013 under Russian accounting standards, the company said in materials.

Sales revenue fell 11.7% year-on-year to 42.398 billion rubles.

CMP financial highlights in H1 2013 ('000 rubles):

	H1 2013	H1 2012
Sales revenue	42 397 637	48 024 850
Cost of sales	40 344 838	44 731 472
Gross profit	2 052 799	3 293 378
Operating profit	(376 664)	983 232
Profit (loss) before tax	(4 266 542)	(544 336)
Net profit (loss)	(4 213 142)	(443 347)

Accounts receivable fell from 14.233 billion rubles to 13.701 billion rubles during the six months, and payables from 17.270 billion rubles to 20.330 billion rubles.

In 2012, CMP saw net losses widen 130% to 435.56 million rubles.