Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for the first quarter, reporting a net loss of PLN 88.5 million ($28.9 million), compared to a net profit of PLN 145.4 million in the corresponding quarter of the previous year. JSW's sales revenues decreased by 23.6 percent year on year to PLN 1.66 billion ($542.7 million). The company's EBITDA in the first quarter amounted to PLN 210.3 million ($68.7 million), declining by 57.1 percent compared to the same quarter of 2013.
JSW Poland's coal output in the first quarter amounted to 3.1 million mt, down 9.8 percent year on year, the company stated that it expects coking coal output for 2014 to exceed 10 million mt.
"We have no doubt that this year is a challenging period for the entire mining industry, but at the same time it is a time for making decisions. That is why we are steadfastly expanding our resource base and striving to make efficiency gains to be able to take advantage as soon as possible and to the greatest possible extent when better conditions emerge," JSW CEO Jarosław Zagórowski said.