Avdiyivka Coke net loss increases threefold in 2014

The net loss of Avdiyivka Coke (AVDK UK), Ukraine’s largest coking coal producer and a Metinvest (METINV) subsidiary, widened 3.1x to UAH 792 mln in 2014, according to the company’s AGM announcement published on March 2.

Roman Topolyuk: Avdiyivka has been among the Donbas enterprises most damaged by warfare, being heavily bombarded since August 2014. Its power supply has been cut off numerous times. Due to the damage to production facilities and destroyed railway connection in the region, Avdiyivka has been operating at a capacity load of no more than a third. Such a plunge in operating performance has led to deterioration in the plant’s financial results yoy. The outlook for any recovery is fully dependent on whether peace can be established in Donbas.