MOSCOW, September 21 (RIA Novosti)
Russian coking coal company Raspadskaya coal mine has posted IFRS net losses of $19 million for the first half of 2012, down from a net profit of $99 million in the same period last year, the company said on Friday.
Revenue for the half was down 24 percent year-on-year, falling to $285 million. Adjusted EBITDA was down 46 percent to $99 million.
CEO Gennady Kozovoy blamed "unstable demand for coking coal in Russia and a declining price trend on export markets became the main negative factor," adding the company has revised its plans for 2012 since production capacity now exceeds demand.
Foreign exchange losses of $31 million also contributed to the poor first half result, the company said.
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One of the main achievements of the 6th BRICS Summit was the signing of an official document on establishing a New Development Bank with a declared capital of $100 billion. The creation of the bank is an important step towards institutionalizing BRICS and strengthening its positions in the world in the long run.