OAO Mechel, Russia’s largest producer of steelmaking coal, posted second-quarter profit that missed analyst estimates by more than four times.
Net income was $38.2 million compared with $219 million a year earlier, Bloomberg calculations show. That fell short of the $175 million median estimate of five analysts in a Bloomberg survey. Second-quarter net income was derived by subtracting first-quarter profit from first-half profit.
Sales jumped 90 percent $2.43 billion during the quarter from a year earlier, according to the calculations.
For the first half, Mechel swung to a profit of $120.8 million from a loss of $471 million a year earlier, it said in a statement on its website. Revenue rose 76 percent to $4.33 billion during the six months, the company said.