Russian coal company Raspadskaya's revenues increased by 20 percent from $419 million in 2015 to $502 million in 2016, the company announced on Friday.
Raspadskaya generated net profit of $185 million in the reporting period, compared with a net loss of $126 million in 2015.
Coal production totalled 10.5 million tons in 2016, compared with 10.4 million tons in 2015.
'The market saw its first improvement in a long time in 2016, driving product prices significantly higher,' said Sergey Stepanov, the general director of Raspadskaya.
Raspadskaya, founded in 1973 in Russia, supplies coal to the largest Russian smelters and exports to Ukraine, Romania, Hungary and Bulgaria.
Raspadskaya's total resources were estimated at 1,461 million tons and total coal reserves at 782 million tons.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr