Belon makes 1.8 bln in 2011 net profits
KEMEROVO. March 27 (Interfax) - Russian coal company OJSC Belon, the main owner of which is OJSC Magnitogorsk Iron & Steel Works (MMK) , turned 1.829 billion rubles in net profits last year, Belon reported.
The company made 2.507 billion rubles in net profits the year before last, but comparing the two figures is misleading as the company had more enterprises in 2010.
Company sales revenues last year amounted to 23.134 billion rubles (20.643 billion rubles in 2010), the cost of goods, products, work, and services sold to 19.23 billion rubles (14.86 billion rubles). Sales profits weighed in at 2.87 billion rubles (4.03 billion rubles), gross profits at 5.782 billion rubles (3.903 billion rubles), and pretax profits at 2.437 billion rubles (3.188 billion rubles).
Belon's accounts receivable contracted from 13.757 billion rubles to 11.954 billion rubles.
Short-term company obligations dropped from 3.713 billion rubles to 862 million rubles, with loans repayable in up to one year standing at 821.552 million rubles on December 31, 2010, down from 3.619 billion rubles a year earlier.
Belon's accounts payable stood at 2.278 billion rubles at end-2011 (2.66 billion rubles at end-2010), with the bulk of that owed to the MMK group (1.085 billion rubles), and another 875.959 million rubles owed to suppliers and subcontractors.
On March 28 of last year, MMK announced it had wrapped up the sale of Belon's energy business (all of the stock in both the Listvyazhnaya mine and associated enrichment plant) to the company OJSC SDS-Ugol for $280 million. Belon also stopped selling metal, brick, and microspheres.
Belon comprises the Chertinskaya-Koksovaya, Chertinskaya-Yuzhnaya, and Kostromovskaya mines, the Novobachatsky-1 and Novobachatsky-2 pits, TsOF Belovskaya, and a number of service enterprises.
MMK is one of Russia's biggest metal products makers. Its main beneficiary is the chairman of its board of directors, Viktor Rashnikov.