Miner Raspadskaya 2010 net profit up 130% to $244 mln

Russian coking coal miner Raspadskaya posted a 130% increase in its 2010 net profit to $244 million to IFRS, Raspadskaya said on Wednesday.

The company’s net profit is slightly above a profit forecast of analysts polled by RIA Novosti who expected a figure of $240 million.

Raspadskaya’s 2010 revenues grew 42% year-on-year to $706 million but were lower compared to the forecast of $713 million, the company said in a statement.

“In 2010, with a substantial reduction of coal products sales volume the company maintained a good record of profitability and competitive position on the coking coal market,” Raspadskaya’s CEO Gennady Kozovoy said.

EBITDA in 2010, increased by 32% year-on-year to $338 million, while EBITDA margin remained at a high level and amounted to 48% compared to 51% in 2009. Raspadskaya’s adjusted net profit grew 19% to $139 million.

The company’s coal output in the first quarter of 2011 fell 41% to 1.8 million tons, while sales of coal concentrate dropped 58% to 935,000 tons.

Raspadskaya’s board of directors has recommended the company’s shareholders against paying a 2010 dividend. The 2009 dividend was not paid due to the two blasts which in May 2010 hit the Raspadskaya coal mine in the Kemerovo region in Siberia severely damaging it and killing 91 miners.

The company slipped to fourth place among domestic coking coal miners last year after the accident cut total output by 32 percent from 2009.

MOSCOW, April 13 (RIA Novosti)

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