Poland-based coking coal producer Jastrzebska Spolka Weglowa SA (JSW) has announced its financial and operational results for the second quarter and the first half this year.
In the given quarter, the company reported a net profit of PLN 800 million ($186.3 million), down by 37.0 percent, while its EBITDA was PLN 1.3 billion ($302.8 million), decreasing by 33.6 percent, both quarter on quarter. JSW’s sales revenues in the second quarter totaled PLN 4.1 billion ($954.76 million), up by 109.1 percent quarter on quarter.
In the first half, JSW’s net profit amounted to over PLN 2 billion ($465.58 million), compared to a net profit of PLN 4.2 billion in the same period of last year, while its sales revenues totaled PLN 8.6 billion ($2.0 billion), down by 21.1 percent year on year, primarily due to a 28.5 percent decrease in average coke prices and a 25 percent decrease in coking coal prices. The prices were at record highs in the first half last year due to market disruptions.
In the second quarter, JSW’s coal production was 3.3 million mt, down by 1.9 percent compared to the previous quarter, and its coke production was 800,000 mt. In the given period this year, the company’s coal sales totaled two million mt, and its coke sales came to about 900,000 mt.