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The share of unprofitable mining enterprises decreased in the Russian Federation by 5,4%

The share of unprofitable mining enterprises decreased in the Russian Federation by 5,4%
Photo: pixabay.com

The share of unprofitable enterprises engaged in the extractive industry of the Russian Federation decreased over the five months of this year by 5,4%. The easing of restrictions caused by the coronavirus pandemic and the rise in commodity prices are having a beneficial effect.

As the NEDRADV with reference to the materials of Rosstat, from January to May, more than 60% of organizations were profitable. The growth is especially noticeable in the coal mining industry. The number of profitable businesses rose to 65,7% from 44,8% in the first five months of last year.

The aggregate profit of such companies in January-May amounted to more than 135 billion rubles, which is 64,2% more than in the same period last year. Other organizations worked with a loss of 8,6 billion rubles (minus 84,9% YoY).

The partial lifting of restrictions on coronavirus and the increased price of solid fuels contributed to an increase in production and shipment abroad. During the reporting period, Russia extracted 117 million tons of solid fuel (+ 11,2%).

Oil and gas companies also showed an upward trend in profits. The total profit of the companies reached 1 billion rubles, losses - 432 billion rubles.

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