Coal Energy coal production falls 18% m/m in February

Обзоры по компаниям и отраслям 18.03.2014 Steam and coking coal producer, Coal Energy (CLE PW), produced 51 kt of coal in February (-18% m/m, -38% yoy), the company reported on March 17. Weakening occurred in both its business segments: underground mining and waste reprocessing. The company’s coal output plunged 61% yoy to 509 kt in 8MFY14. Roman Topolyuk: Coal Energy is continuing on its track of weakening monthly output since the beginning of fiscal year 2014 (June 2013), thus laying the groundwork for weaker qoq financials in 3QFY14. Even though Coal Energy’s sales are mainly driven by third-party coal resale – which the company doesn’t disclose on a monthly basis and which was the reason for better financial results in 2QFY14 (EBITDA was USD 4.5 mln, compared to USD 1 mln in 1QFY14) – we see a lack of upside drivers for the company by the end of its 2014 fiscal year.