NWR reports results

New World Resources Plc, the largest Czech producer of coking coal, has announced its unaudited financial results for the first quarter 2015.

The Czech producer reported an operating loss in the first quarter as inactive demand impacted prices.

The company posted a loss of €8 million for the first quarter in 2014, but that figures rose to €13 million this year. The company also reported a loss before interest, taxes, depreciation and amortisation of €2 million.

Chief Financial Officer Marek Jelinek commented, “The market environment in which coal companies operate continues to be extremely difficult and our business remains under pressure. However, as we move through the year our production rate is expected to increase.”

The company produced 1.8 million t of coal in the first quarter, down 20% on the previous year. Coal sales also came in down at 1.6 million t, a decrease of 18%.

NWR reported net debt of €278 million as of March 31. Cash and cash equivalents fell 47% to €84 million.

Jelinek concluded, “As these results clearly indicate, the market environment in which coal companies operate continues to be extremely difficult and our business remains under pressure. However, as we move through the year our production rate is expected to increase while we remain fully focused on safety and cost management.”

Adapted from press release by Joseph Green

Read the article online at: https://www.worldcoal.com/coal/14052015/nwr-reports-results-czech-2275/