Raspadskaya IFRS net profits drop to $99 mln in H1
MOSCOW. Sept 29 (Interfax) - OJSC Raspadskaya saw its consolidated net profits to International Financial Reporting Standards (IFRS) drop by 57% year-on-year to $99 million in the first half from $266 million in H1 2010, the company reported.
Analysts Interfax surveyed yesterday had expected the company to post $109 million in net profits.
Raspadskaya's H1 sales revenues were down 19% at $369 million from $457 million a year earlier. The analysts had predicted $370 million.
EBITDA (earnings before interest, taxes, depreciation, and amortization) was down 31% at $180 million (analysts - $196 million). Expenditures on restoring the Raspadskaya mine came to 1.2 billion rubles (or $43.1 million) of an overall budget of 8.6 billion rubles, the company said.