CORRECTED: Analysts expect Kuzbass Fuel Co Q3 IFRS net profits to surge 80%
(figure adjusted in headline, first para)
MOSCOW. Nov 23 (Interfax) - Analysts from six investment banks and companies surveyed by Interfax expect that Kuzbass Fuel Company (KTK) will report third-quarter net profits that are up 80% year-on-year according to International Financial Reporting Standards (IFRS).
Sales revenues and EBITDA (earnings before interest, taxes, depreciation, and amortization) are expected to be up roughly 70%.
These substantial increases are anticipated against a backdrop of seasonally higher coal sales ahead of the cold-weather heating period in Russia.
The company plans to release its IFRS financial report on Thursday, November 24.
Forecast financial highlights for Q3 ($ mln):
| Company | Sales revenue | EBITDA | Net profit |
| Alfa Bank | 204 | 37 | 22 |
| BCS | 194 | 40 | 22 |
| Otkritie | 221 | 38 | 22 |
| Troika Dialog | 217 | 38 | 18 |
| UBS | 228 | 38 | 23 |
| Uralsib Capital | 238 | 36 | 21 |
| Consensus | 217 | 38 | 21 |
| Q3 2010 | 128 | 23 | 11 |
| Change (%) | 70 | 65 | 90 |
| Q2 2011 | 176 | 19 | 7 |
KTK consists of the coal mines Vinogradvosky, Karakhansky-Yuzhny, and Cheremshansky, and distribution networks Kuzbasstoplivosbyt, Transugol, Altaiskaya Toplivnaya Company, and Novosibirskaya Toplivnaya Corporation, and the infrastructural outfits Kaskad-Energo, Anzhero- Sudzhenskaya TETs, and TEK Metret.
As of May 16, 2011, Haver Holding Limited, which is indirectly owned by Igor Prokudin, the general director of Kuzbass Fuel Company, owned 50.0010% of the coal producer; Laycraft Ltd , which is wholly owned by Vadim Danilov, the coal producer's board chairman, owned 15.61%; Genesis Asset Managers LLP - 5.39%; and TD Investments Limited - 13.06%.