Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for 2011, reporting a net profit above expectations thanks to coal and coke prices remaining at relatively high levels in the second half of the year.
In 2011, JSW's net profit improved 40 percent year on year to PLN 2.09 billion ($665.8 million), while its sales revenues increased by 29 percent to PLN 9.38 billion ($3 billion) compared to the previous year.
For the given period, JSW's total revenues from coal sales to external buyers amounted to PLN 4.9 billion ($1.55 billion), up 22.8 percent year on year; however, JSW's total delivery volumes to external coal buyers were slightly lower than in 2010. Coke production in 2011 increased by 18.8 percent, with coke sales revenues to external buyers in 2011 amounting to PLN 4.2 billion ($1.33 billion), 37.7 percent higher than in 2010.
JSW also stated that it has set aside almost PLN 1.5 billion ($477.2 million) for investments, which is about 60 percent higher than in 2010.