Central Europe-based miner New World Resources Plc (NWR) has announced its financial results for the first quarter of this year.
In the first quarter, New World Resources registered a net profit of €26 million, compared to a net loss of €27 million registered in the first quarter of the previous year. NWR's sales revenues decreased by 22 percent year on year to €135 million, impacted by lower sales prices for coal and lower volumes, while the company posted an operating loss of €13 million, increasing from an operating loss of €8 million in the same period of 2014.
During the first three months of this year, NWR's total coal output increased by 20 percent to 1.8 million mt, while external coal sales rose by 18 percent to 1.6 million mt, both compared to the previous year.
NWR's production and sales targets for the current year stand at 7.5-8 million mt and 8 million mt respectively, with 60 percent coking coal expected in the sales mix.