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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The main event of the third day of the 11th meeting of the Valdai International Discussion Club in Sochi was the closing session with President Vladimir Putin. The atmosphere was calm and open, despite the current political tensions and the Russia-West confrontation. The Russian president said that it corresponded to the spirit of the Valdai Club.