RAS reflects only the results of the company's parent mine
Indicators of the 2nd quarter
Revenue 3.2 billion (-30%)
Operation.profit -1.2 billion
Net loss -1.0 billion
Loss/share -1.5 rub
One of the most profitable mines in the country has become chronically unprofitable already at the operational level
Indicators of the 1st half of the year
Revenue 8.2 billion (-29%)
Operation.profit -0.6 billion
Net loss -0.6 billion
Loss/share -0.9 RUB
In my opinion, the reasons for the negative profitability are not only the fall in coal prices and the reduction in production
The root reason is that the share of purchases by the parent EVRAZ in its daughter's revenue decreased from 68% in 2021 and 53% in 2022 to 17% in 2023 and 19% in 2024
I wrote about this in the analysis of the report for 2h24
The company's shares have fallen by 40% over the year and are worth 215 rubles
The IFRS report for the 1st half of the year will be published in mid-August
