Mechel makes RAS net losses of 6.4 bln rubles in H1
NOVOSIBIRSK. July 30 (Interfax) - OJSC Mechel incurred 6.367 billion rubles in net losses to Russian Accounting Standards (RAS) in the first half of this year, versus net profits of 21.939 billion rubles for the same six months of 2012, the company reported.
Company sales revenues plunged 89.8% to 2.499 billion rubles in H1.
The report does not specify any reasons for the swings downward.
Financial highlights, 1,000 rubles:
| H1 2013 | H1 2012 | |
| Sales revenues | 2 498 804 | 24 404 730 |
| Cost of sales | 3 393 | 26 181 |
| Gross profits | 2 495 411 | 24 378 549 |
| Pretax profits (losses) | (6 474 716) | 21 403 767 |
| Net profits (losses) | (6 367 166) | 21 939 691 |
Mechel's accounts receivable amounted to 607.117 million rubles on June 30 versus 352.215 million rubles at the start of the year. Long-term liabilities rose from 70.399 billion rubles to 95.542 billion rubles over the six months. Short-term liabilities contracted from 49.31 billion rubles to 33.626 billion rubles.
The Mechel group unites producers of coal, iron ore concentrate, steel, roll, ferroalloys, high value-added goods, heat and power. The group also encompasses three commercial ports and its own transport operator.