Belon Group , a Russian coal miner and steel trader, on Thursday posted an increase in revenues and profits for the first half of 2007 after mining more coal and selling it at higher prices.

Novosibirsk-based Belon said in a statement revenues rose 40 percent to $263 million in the first six months of the year. Earnings before interest, taxation, depreciation and amortisation rose 68 percent to $42 million.

The earnings were calculated to International Financial Reporting Standards.

Belon Group is part-owned by Magnitogorsk Iron and Steel Works , which bought a 10.75 percent stake this month and said it planned to increase its stake in order to secure supply of coking coal used in steel making.

The six-month results pre-date Magnitogorsk’s participation.

Belon mines and exports coking coal and steam coal, used in power generation. The company also produces bricks and other building materials and trades rolled steel produced by Magnitogorsk and other Russian steel mills.

Total coal output in the first six months of 2007 rose 46 percent to 2.48 million tonnes, the company said.

Belon Group is ultimately controlled by its general director, Andrei Dobrov.

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