Poland-based coking coal producer Jastrzebska Spolka Weglowa SA (JSW) has announced its financial and operational results for the third quarter and first nine months this year.
JSW posted a net loss of PLN 308.9 million ($75.48 million) in the third quarter, while its EBITDA dropped by 77.6 percent compared to the previous quarter to PLN 57.7 million ($14.1 million). In the first three quarters, the company reported a net loss of PLN 6.37 billion ($1.56 billion), compared to a net profit of PLN 845.3 million in the same period of 2023, while its total sales revenues came to PLN 8.87 billion ($2.17 billion), down by 26.1 percent year on year. JSW posted an operating loss of PLN 7.15 billion ($1.75 billion) in the given period, compared to PLN 845.3 million in the same period last year.
In the third quarter, the company produced 3.05 million mt of coke, up 6.4 percent from the previous quarter. Coke production increased by 11.6 percent to 800,000 mt in the same period. Also, in the first nine months of the year, the company produced 7.22 million mt of coking coal, down by 11.8 percent year on year, while its coke production came to 2.37 million mt, falling by 4.4 compared to the same period of 2023. “Coal production is growing quarter on quarter. Nevertheless, the actuals are still below plan. We are also facing the challenges of the commodity market and high production costs. I am convinced that the JSW SA Strategic Transition Plan will allow us to overcome these difficulties, and we will enter a path of stable development,” Ryszard Janta, president of the JSW SA management board, said. The transition plan is expected to generate an estimated PLN 8.5 billion in positive financial impacts for the company by the end of 2027 and the introduction of a new mining model will result in the extraction of 14.5 million mt of coking coal.
JSW’s coal sales in the third quarter to external buyers amounted to 1.8 million mt, up by 12.0 percent, while its coke sales decreased by 3.2 percent to 700,000 mt, both compared to the second quarter. During the given period, coking coal and coke prices decreased by 9.1 percent and 5.1 percent, respectively, compared to the previous quarter. The downward trend of prices resulted in 2.6 percent lower sales revenues totaling PLN 2.7 billion ($659.89 million).
