Raspadskaya posts FY 2008 Net Profit of $531 million

Russian coal producer, Raspadskaya, has posted a FY 2008 Net profit of $531 million under IFRS.

The bottom line is up more than 120% on the $240 million Net profit posted for FY 2007, with FY 2008 EBITDA rising 85% to $868 million, on the back Revenues of $1.2 billion, up 53% year on year.

The company noted its lowering of net debt to $165 million to at the end of 2008 – down from $265 at the end of 2007 – with CEO, Gennady Kozovoy, noting the reduction as contributing to Raspadskaya’s capacity to withstand the downturn in global coal markets.

“During the hard times of industrial downturn, the moderate financial policy allowed the Company to focus on complex anti-crisis measures.”

Raspadskaya has also released preliminary operating results for 1Q 2009 showing that sales volumes of coal concentrate have risen 63% compared with 4Q 2008, with exports to Hungary and Ukraine resuming, and pointing to the 2Q commencement of increased sales to South East Asia.