Belon sees net profit plummet almost 98% in 9M
KEMEROVO. Oct 31 (Interfax) - OJSC Belon, a coal producer owned by Magnitogorsk Iron & Steel Works (MMK) , saw its net profit plummet by almost 98% year-on-year to 39.827 million rubles in January-September 2012, the company reported in its financial statement.
Revenue dropped 20.2% to 13.444 billion rubles in those nine months.
Belon did not specify the reasons behind the changes in its financial results. Interfax has not yet obtained comment from the company.
Key financial results ('000 rubles):
| Jan-Sept 2012 | Jan-Sept 2011 | |
| Revenue | 13 443 704 | 16 854 820 |
| Cost of goods sold | 12 362 164 | 13 680 348 |
| Gross profit | 1 081 540 | 3 174 472 |
| Profit from sales | 661 207 | 2 283 420 |
| Profit before tax | 128 765 | 2 124 620 |
| Net profit | 39 827 | 1 601 286 |
As of September 30, Belon's receivables totaled 11.398 billion rubles, down 4.6% over December 31 of last year. Short-term liabilities were down 37.5% to 2.812 billion rubles, and long-term liabilities fell 7.4% to 3.018 billion rubles.
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.