Czech coal miner NWR posts €233 million profit in 2010

Central Europe's leading coking coal producer, Czech-based New World Resources N.V. (NWR), has announced that in 2010 it achieved a profit of €233 million compared with a loss of  €62 million in 2009, while its revenues grew by 42 percent year on year to €1.59 billion.
 
NWR's earnings before interest, taxes, depreciation, and amortization (EBITDA) from continuing operations of €464 million for 2010 was 160 percent higher than in the previous year due to increased revenues, mainly on the back of increased sales volumes and higher realized prices for coking coal and coke in the period.
 
"After a tough 2009, demand for coal and coke in our markets rebounded strongly in 2010 and we successfully increased our volumes in response to this demand," the company's statement reads.
 
NWR said it expects demand for coking coal in the Central and Eastern Europe (CEE) region to remain robust, driven by continued recovery in the automotive and construction sectors, while the recovery in Central Europe's industrial sectors will also underpin demand for thermal coal. The company said that it also expects further growth in coking coal as well as coke prices.