Russian coal miner Belon Group, part of steelmaker Magnitogorsk Iron and Steel Works (MMK), posted a 1.7 billion ruble ($57 million) January-June net profit compared to a net loss of 932 million rubles in the same period last year, Belon said on Friday.
Belon's EBITDA in the first six months of 2010 amounted to 3.699 billion rubles, while the EBITDA margin reached 42 percent, the company said in a statement.
"The investment operations disbursement as of the first half's end exceeded two billion rubles. The funds were primarily aimed at acquiring new mining equipment, the Nikitsky field development license and for production upgrades," the company said.
The firm spent than 100 million rubles on social projects in the company's home region of Kuzbass and on economic aid for veterans.
In July, Belon announced plans to boost investment by 200 percent to 4.7 billion rubles excluding value added tax.
The company also confirmed its plans to produce 8.2 million tons of coal in 2010, up 40 percent on the previous year.
KEMEROVO, August 13 (RIA Novosti)
