Belon 2012 RAS net profits plunge to 7.7 mln rubles
KEMEROVO. March 7 (Interfax) - Coal mining outfit OJSC Belon, the main owner of which is OJSC Magnitogorsk Iron & Steel Works (MMK) , made net profits to Russian Accounting Standards (RAS) of 7.743 million rubles last year versus 1.829 billion rubles in 2011, the company reported.
Company sales revenues amounted to 17.549 billion rubles last year, down 24.1%.
Interfax has been unable to obtain company comment on the reasons for these decreases.
Main Belon financials, 1,000 rubles:
| 2012 | 2011 | |
| Sales revenue | 17 548 727 | 23 133 500 |
| Cost of sales | 16 232 768 | 19 230 449 |
| Gross profit | 1 315 959 | 3 903 051 |
| Sales profit | 755 566 | 2 870 328 |
| Pretax profit | 85 966 | 2 437 153 |
| Net profit | 7 743 | 1 828 939 |
In an explanatory note accompanying Belon's annual accounting statement, it says that compared with the beginning of last year there was an increase in the cost of long-term financial investments of 122.511 million rubles, or 3.8%. This increase came about at the mine Chertinskaya-Yuzhnaya, which was issued a loan of 122.407 million rubles.
Belon ended last year with accounts receivable of 11.206 billion rubles against 11.954 billion rubles at the start of the year. Long-term company obligations contracted to 2.834 billion rubles from 3.258 billion rubles and short-term obligations to 3.037 billion rubles from 4.499 billion rubles.
Belon mined 3.95 million tonnes of coal in 2012, 3% less than in 2011.
Belon includes LLC Chertinskaya-Koksovaya Mine, LLC Chertinskaya-Yuzhnaya Mine, CJSC Kostromovskaya Mine, LLC Novobachatsky Open Pit Mine, OJSC Belovskaya Central Processing Plant and several service enterprises.
