Central Europe-based miner New World Resources Plc (NWR) has announced its financial results for the first quarter of 2012.
In the given quarter, the net profit of the company increased 80 percent to €6 million compared to the corresponding quarter of the previous year. NWR's sales revenues decreased by 10 percent year on year to €347 million, due to decreased revenues from thermal coal and coke. NWR registered a 71 percent decrease in its operation profit for the first quarter.
During the first quarter, total coal output amounted to 2.38 million mt, down seven percent year on year, while external coal sales declined by 13 percent year on year mainly due to lower volumes of thermal coal. NWR targets production volumes between 10.8 million mt and 11 million mt and external sales between 10.25 million mt and 10.5 million mt for the financial year 2011-12.
As SteelOrbis previously reported, NWR has set its average agreed price of coking coal for delivery in the second quarter of this year at €130/mt, down eight percent compared to the first quarter realized price.