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Polish coal miner JSW returns to profit in first quarter
May 24, 2017 / 5:57 PM / 6 months ago

Polish coal miner JSW returns to profit in first quarter

WARSAW, May 24 (Reuters) - Poland’s JSW, the European Union’s biggest coking coal producer, reported on Wednesday it made a net profit of 864.53 million zlotys ($231.3 million) in the first quarter, thanks to a surge in coal prices and cost cutting.

Analysts had expected JSW to report a net profit of 744 million zlotys, the company having made a net loss of 60 million zlotys in the same period last year.

The state-controlled company, which nearly collapsed in 2015 following a slump in coking coal prices, is expected by some analysts to report a net profit of almost 3 billion zlotys this year thanks to higher prices and reduced costs.

First-quarter sales revenue rose nearly 70 percent to 2.38 billion zlotys.

Earlier this month, the company’s acting chief executive, Daniel Ozon, said that JSW might resume paying a dividend on this year’s results. ($1 = 3.7375 zlotys) (Reporting by Agnieszka Barteczko; Editing by Lidia Kelly; Editing by Elaine Hardcastle, Greg Mahlich)

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