7 Sep 2010 14:57

Raspadskaya to publish IFRS results for H1 on Sept 17

MOSCOW. Sept 7 (Interfax) - Russian coal producer Raspadskaya will publish IFRS financial results for the first half of 2010 on September 17, the company said on Tuesday.

Raspadskaya management will hold a conference call at 5:00 p.m. Moscow time on that day.

Interfax will publish the consensus forecast for the H1 results on September 16.

Raspadskaya posted a net loss of $11 million in the first half of 2009 under IFRS on revenue of $148 million and EBITDA of $63 million.

The company earlier reported that the deadly May blast at the Raspadskaya mine cut production in the first half of 2010 25% compared with the second half of 2009, to 4.778 million tonnes (4.17 million tonnes in the first half of 2009). Coal concentrate sales totaled 3.777 million tonnes in the first half of 2010, of which 1.223 million tonnes was exported. The average price for concentrate (FCA Mezhdurechensk) was 3,238 rubles per tonne.

Raspadskaya includes the Raspadskaya deep mine, Raspadsky strip mine and MUK-96 and Koksovaya deep mines. The Koksovaya deep mine is under construction. The company also controls a coal enrichment plant, transport and other ancillaries.

The Cyprus-registered Corber Enterprises Limited owns 80% of Raspadskaya, which is one of Russia's biggest coking coal producers. Evraz Group, on the one hand, and Gennady Kozovoi, Raspadskaya's CEO, and Alexander Vagin, the company's board chairman, the other, are the beneficiaries of Corber Enterprises on equal terms. The free float is 20%.