OREANDA-NEWS. Kuzbasskaya Toplivnaya Company OJSC, one of the largest producers and exporters of thermal coal in Russia, unaudited interim consolidated financial results under IFRS for the first quarter ended March 31, 2015.

In the first quarter sales fell by 25% versus the volume of the previous quarter, standing at 2.56 million tonnes of coal. Year-over-year, this figure shows a growth of 21%. The main surplus occurred due to the domestic market and exports to the Asia-Pacific region. First-quarter export sales decreased by 25%, to 1.60 million tonnes. Compared to the year-ago quarter, exports rose by 9%. For the quarter, the share of export in total sales was 63%.

First-quarter average coal selling price fell by 3% compared to the third-quarter figure, amounting to RUB 1,350 per tonne. Compared to the fisrt quarter of 2014, the average price rose by 18%.

In the first quarter of 2015 revenue went down by 22% to RUB 6,013 million. Export sales of own coal and coal resale segments had a significant influence on revenue decrease. Quarterly revenue drops in these segments were 26% and 57%, accordingly. However, compared to the results of the first quarter of 2014, revenue rose by 17% in the export segment and by 52% in the coal resale segment. Revenue from sales of own coal in the domestic market shows an insignificant fall of 1% quarter-over-quarter to RUB 1,266 million. Year-over-year revenue in this segment grew by 65%.

In the first quarter of 2015 the Company showed an operating income of RUB 712 million, 32% lower than in the previous quarter. Compared to the year-ago results, the indicator soared by 133%. Gross profit fell by 22% to RUB 1,328 million. Compared to the same period of 2014, it grew by 77%. Quarterly EBITDA reached RUB 952 million, showing a quarterly fall by 30%. Cost of sales in the first quarter dropped by 22% to RUB 4,685 million. Production cash costs saw a 15% rise and stood at RUB 608 per tonne of coal. Commercial, administrative and other expenses were down by 6% to RUB 616 million.

The Company shows a net profit of RUB 258 million in the first quarter of 2014. Despite the fact that the amount of net profit is lower by 46% than in the fourth quarter of 2014, it is the highest first-quarter result in the past three years.