CHMK turns 443 mln rubles in RAS net losses in H1

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CHMK turns 443 mln rubles in RAS net losses in H1

CHELYABINSK. Aug 3 (Interfax) - OJSC Chelyabinsk Metallurgical Plant , part of the Mechel mining and metals group, posted net losses to Russian Accounting Standards (RAS) of 443.347 million rubles in first-half 2012 versus net profits of 372.216 million rubles in first-half 2011, company materials say.

CHMK's sales revenues declined 5% to 48.025 billion rubles in H1 this year.

CHMK financial highlights for H1 (1,000 rubles):

	H1 2012	H1 2011
Revenue from commodity, product, work, services sales	48 024 850	50 526 445
Cost of product, services sold	44 731 472	46 715 715
Gross profits	3 293 378	3 810 730
Sales profits	983 232	1 598 525
Pretax profits (losses)	(544 336)	1 708 427
Net profits (losses)	(443 347)	1 372 216

The company's accounts receivable rose from 18.599 billion rubles on the first of the year to 22.214 billion rubles at the end of the first half. Its accounts payables also grew - from 11.600 billion rubles to 14.432 billion rubles.