Sadovaya Group, a producer of steam coal, in its report for 2016 posted a loss of $18.07 million, which is 2.1 times ($20.724 million) less than in 2015.
According to the document posted on the website of the Warsaw Stock Exchange, the company’s revenue in 2016 was only $8,900 against $1.04 million a year earlier.
“Due to the difficult financial situation and the inability to resume the operation of subsidiaries located in the temporarily uncontrolled territory of Ukraine, in 2016 Sadovaya Group received heavy losses and is forced to postpone the audit of the report for 2016 until the end of hostilities,” the document says.
As reported, the assets of Sadovaya Group are located in the temporarily occupied areas of Donbas.
Sadovaya Group was founded in 1995. In December 2010, Sadovaya Group holding company held an initial placement of 25% of shares on the WSE and raised PLN 92.6 million ($31.9 million in dollar terms).