Metinvest affiliate Pokrovske Coal boosts coal production 21% m/m in May
19 June 2019
Private joint stock company Pokrovske Coal produced
13.2 kt of raw coal per day in May, a 20.6% m/m jump, according to Concorde
Capital’s analysis of Energy Ministry data, as reported by Interfax-Ukraine on
June 19.
In 5M19, Pokrovske Coal produced 1.77 mmt of coal, a
3.4% yoy drop.
Recall, Pokrovske Coal said in its 2018 annual report
that it plans to boost coal production 42% yoyto 5.63 mmt in 2019.
Dmytro Khoroshun: The May jump
in coal production is encouraging (the annualized production rate is 4.8 mmt),
but it remains to be seen whether it is sustained, and whether Pokrovske Coal’s
underperformance during January-April is compensated by higher production rates
during the remainder of the year.
We maintain our bullish view on METINV bonds.
