Southern Kuzbass Coal Company Public Joint-Stock Company Reports Earnings and Production Results for the First Half of 2018
The company reported a RUB 3.2 billion loss to Russian Accounting Standards (RAS) in first half of 2018 compared with a RUB 17.3 billion net profit in the same period last year. Revenue was down 12% to RUB 16 billion. Falling revenues were prompted by lower average coal prices and reduced volumes of coal sold. Total uncovered losses as of the end of first half totaled RUB 27.379 billion, with the ratio of uncovered losses and net book value at 21%.