Russian coal company Kuzbasskaya Toplivnaya Company reported a 2% fall in revenues in 1H16 compared to the same period in 2015. The company made RUB11.1 billion (US$173.1 million) in the six months to June compared to US$11.3 billion (US$176.2 million) in 1H16.
Revenue was particularly impacted in 2Q16, which saw a 25% fall in revenue compared to the previous quarter on the back of a “seasonal drop in demand” as well as a fall in export coal prices.
Following the decline in revenues, the company reported a loss of RUB393 million (US$6.1 million) in 1H16, a significant reversal in fortunes compared to 1H15 when the company made a profit of RUB303 million (US$4.7 million).
Looking ahead, the company said was targeting production of 3 million t of coal in 3Q16 compared to production of 2.73 million t in 2Q16.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/17082016/ktk-reports-half-year-loss-2016-2253/