Raspadskaya cuts net loss by half in first half
PАО «Распадская» reduced its net loss by half in the first half of 2025, with EBITDA turning positive and operational losses declining, despite a 12% drop in coal production due to halted mining and inventory buildup.
Consensus
- The net loss of PJSC Raspadskaya in the first half of 2025 decreased by half compared to the same period of the previous year.
- The net loss amounted to 8.3 billion rubles in the first half of 2025.
- Revenue declined by 4% year-on-year to 57.9 billion rubles.
- Gross profit increased by approximately 25% year-on-year to around 14.9 billion rubles.
- Operating loss decreased by 57% year-on-year to about 9.3 billion rubles.
- Cost of sales decreased by 11% year-on-year.
- EBITDA turned positive, reaching 610 million rubles, compared to a negative 7.76–7.8 billion rubles in the same period of the previous year.
- Management's cost-cutting measures were cited as a key factor behind improved EBITDA.
- Coal production of all grades decreased by 12% year-on-year to 7.9 million tons.
- The decline in production was due to the suspension of mining at the Raspadskiy open-pit mine until market conditions improve.
- Inventory buildup on coal stockpiles by the end of 2025 was cited as a reason for reduced production.
- The board of directors did not recommend dividend payments for the first half of 2025.
Points of divergence
- The company reported that the volume of coal production was 7.9 million tons, with the decline explained by the suspension of mining at the Raspadsky open-pit mine until market conditions improve and inventory accumulation on coal stockpiles by the end of the 2025 year. — kommersant
- The company reported that the volume of coal production decreased by 12% year-on-year and amounted to 7.9 million tons, citing the suspension of mining at the Raspadskii open-pit mine until market conditions improve, as well as inventory accumulation on coal stockpiles by the end 2025. — vedomosti
- The net loss for 2025 increased to 53 billion rubles, up from 11.7 billion rubles the previous year, with revenue declining by 26% to 119.2 billion rubles due to falling global coking coal prices. — vedomosti
Coverage (2 sources)
- Pure loss of 'Raspadsky' by IFR in the first half of the year decreased by two times — Коммерсантъ
- «Raspadskaa» halved net losses for the half-year — Ведомости