Russia's Raspadskaya said its 2008 net profit more than doubled to $531m as the coking coal producer benefitted from a strong performance in the first nine months of the year.
Full-year sales rose 53% to $1.2bn, and its net profit margin was 44%, the company said in a statement issued on Wednesday.
Raspadskaya, part-owned by steel maker Evraz Group, also reduced its net debt to $165m at the end of 2008, down from $265m at the end of 2007.
Raspadskaya is one of several Russian metals and mining companies struggling to preserve cash during the downturn, and it also said that it will not make a final 2008 dividend payment. In November it recommended a nine-month interim dividend payment of 1.50 roubles per share, one quarter of the six roubles it said it would recommend in September.
Raspadskaya also reported raw coal production reached 1.89 million tonnes in the first quarter, down 35% from the year-earlier period.
Coal concentrate sales were 1.3 million tonnes, down 42%.
"The global financial crisis and a drop in the output of the Russian steel industry affected our prices and sales volumes of coal concentrate as compared to the trouble-free 2008," it said in the statement.
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