Kuzbass Fuel Company posts 844 mln rubles in net profit for H1
KEMEROVO. Aug 15 (Interfax) - OJSC Kuzbass Fuel Company (KTK) posted 843.795 million rubles net profit according to Russian accounting standards (RAS) for the first half of 2011 compared to 75.616 million rubles in net losses for the same period of 2010, the company said in its financial results.
The company's sales revenue increased by 120% to 9.058 billion rubles in the first half.
The company's gross profit went up by 180% to 6.187 billion rubles while commercial costs increased by 170% to 4.801 billion rubles.
Thanks to rising production in the first half, KTK increased sales revenue from coal by 140% to 8.955 billion rubles while the share of revenue from this type of operations went up from 92.6% for the first half of last year to 99.3%.
Sales revenue from purchased coal came to 23.184 million rubles compared to 259.04 million rubles in the first half of 2010. The company said that OJSC SUEK ensured 100% of raw coal supply. The cost for production in the second quarter (without VAT) came to 1,156 rubles per tonne in April-June 2011 in compared to 887.73 rubles for the same period of 2010.
Coal exports accounted for 86.25% of revenue (7.812 billion rubles).
KTK's short-term accounts payable stood at 1.341 billion rubles as of the start of 2011 (including debt to suppliers and contractors, 377.072 million rubles) compared to 1.43 billion rubles at the start of the year. The company's long-term accounts payable came to 1.749 billion rubles (2.088 billion rubles).
The company's short-term accounts receivable came to 1.324 billion rubles, including debt for Kemerovo-based LLC KuzbassBelAvto, which owed KTK 125.16 million rubles and Irkutsk LLC SibUgleMetTrans with 314.775 million rubles.
Long-term accounts receivable came to 5.46 million rubles as of July 1.
At the start of 2011, the company's total short-term and long-term accounts receivable came to 1.429 billion rubles.
KTK boosted coal production by 37% year-on-year to 3.73 million tonnes in the first half.
The company's general director, Igor Prokudin, said that KTK has raised its coal production forecast for this year from 7.65 million tonnes to 8 million tonnes.
KTK consists of 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.