Raspadskaya posts 221-mln-ruble RAS net loss in 9M, vs profit a year earlier
KEMEROVO. Nov 13 (Interfax) - Russian coal producer OJSC Raspadskaya posted a 221.028-million-ruble net loss to Russian Accounting Standards (RAS) in January-September 2012, compared to an 816.049-million-ruble net profit the year before, according to the company's financial statement.
Raspadskaya boosted its revenue 83.9% to 3.569 billion rubles in the first nine months of this year.
Key financial results ('000 rubles):
| Jan-Sept 2012 | Jan-Sept 2011 | |
| Revenue | 3 568 918 | 1 940 249 |
| Cost of goods sold | 3 763 661 | 2 408 275 |
| Gross profit (loss) | (194 743) | (468 026) |
| Profit (loss) from sales | (839 309) | (1 125 588) |
| Pre-tax profit (loss) | (579 198) | 121 547 |
| Net profit (loss) | (221 028) | 816 049 |
As of September 30, Raspadskaya's receivables had plummeted 83% over the beginning of the year to 1.852 billion rubles. Long-term liabilities skyrocketed 7.1-fold to 17.509 billion rubles, while short-term liabilities dropped 88% to 1.691 billion rubles.
As of December 31, 2011, the "indicated and measured resources" of coking coal of Raspadskaya and its subsidiaries totaled 1.809 billion tonnes, and confirmed and probable reserves were at 1.314 billion tonnes, 4.811 million tonnes of which had been produced for the three quarters of 2012. Resources and reserves are estimated to JORC standards.
Raspadskaya is the largest mine in Russia and the flagship enterprise of a group of companies in a unified coking coal production complex. Besides its flagship mine, the Raspadskaya group includes the mine MUK-96, Raspadsky open pit, a mine now under construction called Koksovaya, an enrichment plant and infrastructure enterprises. In May 2010, deadly blasts at the Raspadskaya mine killed 91 people and halted coking coal production until December that year. Raspadskaya has resumed production at some of the affected areas, but some mine workings in the accident zone are still smoldering.
