Public Joint Stock Company Raspadskaya (RASP) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was $999M, down from $1,226M year-over-year, with a net loss of $99M compared to a profit of $314M in H1 2023.

• Gross profit fell to $479M from $712M, and operating profit dropped to $-4M from $357M year-over-year.

• The group’s main business remains coking coal, accounting for 98% of revenue.

Financial highlights

• Revenue decreased 18.5% year-over-year; gross margin compressed due to lower sales and higher costs.

• Net loss of $99M in H1 2024 versus net income of $314M in H1 2023.

• Basic and diluted EPS was $(0.15), down from $0.47 year-over-year.

• Cash and equivalents rose to $288M from $68M at year-end 2023.

• Total assets stood at $2,934M as of June 30, 2024.

Outlook and guidance

• Management expects continued challenges from international sanctions and market volatility.

• Directors believe the group has sufficient resources to continue as a going concern.

• Additional cost and capex reductions are planned if conditions worsen.