Reuters reported that Russia's Chelyabinsk Zinc Plant's H1 net loss narrowed to RUB 136 million from RUB 907 million per year ago as the company benefited from a lack of comparable one off charges.

Chelyabinsk Zinc along with other Russian metals producers has cut output sharply over the past year with its H1 production down by a third at 51,686 tonnes.

However, Russia's largest producer of the anti corrosive metal said earlier this month that Q3 output rose 15.5% from the Q2 thanks to the world economy showing some signs of recovery.

Chelyabinsk Zinc in 2008 booked RUB 779 million of goodwill impairment but in a statement released it revealed that it did not record any such charges this year. H1 revenue fell by 37.5% on a year ago to RUB 3.5 billion while earnings before interest, taxation, depreciation and amortization were down by 5.6% at RUB 543 million.

(Sourced from Reuters)