December 02, 2008

Vokutaugol H1 losses reach RUB 439.567 million

Vokutaugol announced that its H1 net losses reached RUB 439.567 million up by 165% YoY as compared to RUB 165.766 million in H1 of 2006. Its revenues for the H1 of 2007 reaches RUB 7.672 billion up by 14.1% YoY.

Its profit from sales declined by 9.4% YoY to RUB 5.384 billion, gross profit being down by 14% YoY to RUB 644.894 million from RUB 749.656 million and pretax losses coming to RUB 380.622 million from RUB 322.667 million.

Vorkutaugol was set up in 1934 in Pechorsky coalfield and involves 5 mines. It has the largest coal reserves in Europe about 4 billion tonnes. In June they were acquired by Severstal and is under control of Severstal Resurs.