Czech miner NWR’s net profit down in 2011

Central Europe's leading coking coal producer, Czech-based New World Resources N.V. (NWR), has announced that in 2011 it achieved a net profit of €130 million, compared to a net profit of €128 million in 2010, while its revenues grew by three percent year on year to €1.63 billion.
 
NWR's earnings before interest, taxes, depreciation, and amortization (EBITDA) from continuing operations of €454 million for 2011 was two percent lower than in the previous year, due to the slowdown in demand for steel and its raw materials driven by deterioration of business confidence in the euro zone during the second half of 2011, combined with an uncertain macroeconomic outlook.
 
According to NWR's statement, total coal production in 2011 increased by two percent year on year to 11.24 million mt and external coal sales totaled 10.64 million mt, down one percent year on year.
 
Regarding the 2012 outlook, NRW expects coal production to be between 10.8 million mt and 11 million mt and external sales to be between 10.25 million mt and 10.5 million mt. The company also expects mining unit costs to remain flat in 2012.