Komsomolets Donbasa Mine revenue falls 10% yoy in 1H13

DTEK Komsomolets Donbasa (SHKD UK), one of Ukraine’s leading producers of steam coal, reported UAH 965 mln in IFRS-based revenue in 1H13 (a 10% decrease compared to UAS-based figure in 1H12). The company reported it sold 1.68 mmt of lean coal over the period, just 1% less yoy. The mine’s 1H13 EBITDA amounted to UAH 395 mln (an 18% decline compared to 1H12) and net income was UAH 76 mln (a 2.3x yoy drop).

Alexander Paraschiy: In general, the mine’s results correspond with sector trends, in which coal prices fell 10% yoy in 1H13. Yet as a result of becoming integrated into DTEK’s production cycle, Komsomolets had no trouble with demand for its coal, unlike its smaller and non-integrated peers, Sadovaya Group (SGR PW) and Coal Energy (CLE PW).