Central Europe-based miner New World Resources Plc (NWR) has announced its financial results for the second quarter and the first half ended June 30 of this year.
In the second quarter, New World Resources registered a net loss of €12.7 million, compared to a net loss of €30.1 million registered in the second quarter of the previous year. NWR's sales revenues decreased by 13.17 percent to €150.9 million year on year, while the company posted an operating loss of €6.2 million, narrowing down from an operating loss of €15.5 million in the same period of 2014.
In the first half of the current year, NWR recorded a net profit of €12.8 million, compared to a net loss of €56.8 million in the same period of 2014. In the given period, the company’s sales revenues decreased by 17.37 percent year on year to €286.1 million, mainly attributable to lower sales volumes of both coking coal and thermal coal, due to lower production. In the same period, NWR posted an operating loss of €19.5 million, compared to an operating loss of €23.4 million in the first half of the previous year.
During the first half of this year, NWR's total coal output decreased by 20 percent to 3.6 million mt, while external coal sales decreased by 17 percent to 3.33 million mt, both compared to the previous year.
According to NWR, the company’s production will continue to ramp up in accordance with its planned longwall sequencing and will remain on track to reach its full-year target production of approximately 7.5-8 million mt.