Poland-based JSW enters the red in Q3

Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for the third quarter of 2013.
 
In the third quarter, JSW reported a net loss of PLN 97.5 million ($31.4 million), compared to a net profit of PLN 244.7 million in the same quarter of the previous year, while its sales revenues amounted to PLN 1.7 billion ($548.3 million), down 26.5 percent year on year. The company's EBITDA in the given quarter was PLN 220.6 million ($71.15 million), falling 62.5 percent compared to the corresponding quarter of the previous year.
 
During January-September, JSW registered a net profit of PLN 75.4 million ($24.3 million), compared to a net profit of PLN 1.03 billion in the first nine months of 2012. The company's sales revenues decreased by 16.3 percent to PLN 5.8 billion ($1.87 billion), while the EBITDA was PLN 1.06 billion ($341.9 million), down 50.2 percent, both year on year.
 
JSW's coal production in the third quarter indicated a slight decrease by 0.8 percent, while its coke production declined by 16.2 percent, both compared to the previous quarter.
 
According to JSW's statement, coal sales to external customers were down by 2.4 percent in the third quarter compared to the previous quarter to 2.2 million mt, while coal sales were up 14.7 percent year on year in the first nine months. The company's coke sales in the third quarter were 860,400 mt, down 8.6 percent compared to the previous quarter, while in the first nine months its coke sales increased by 1.3 percent year on year.
 
For 2013, JSW has maintained its estimates that coal production may exceed 13.5 million mt.