Yasynivka Coke ups net income 3% yoy in 2012
25 January 2013
Yasynivka Coke (YASK UK) increased its net income 3.3% yoy to USD 15.5 mln in 2012, the company announced in mid-January.
Roman Topolyuk: About 75% of Yasynivka’s reported FY12 bottom line was generated in 2H12, which looks strange to us. Firstly, coke production at the plant slid 7% in 2H12 compared to 1H12 (to 803 kt); secondly, export coal prices fell 12% in 2H12 (to USD 264/t). The improvement in 2H12, therefore, looks more like a one-off accounting item.
The coke market is getting even tougher in 2013 with prices falling, a trend that was prompted by Chinese authorities lifting export duties and quotas for domestic producers as of January 2013. This means that Yasynivka will face severe competition with Chinese coke makers in 2013 to provide stable supplies to the Indian market (a key export destination for YASK currently).
