Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for the first quarter of the current year, reporting a net profit of PLN 863 million ($231.25 million), compared to a net loss of PLN 59.5 million in the corresponding quarter of the previous year. JSW's sales revenues increased by 69.4 percent year on year to PLN 2.37 billion ($636.68 million), driven by the significant increase in coking coal and coke prices. The company's EBITDA in the first quarter amounted to PLN 1.24 billion ($332.12 million), compared to an EBITDA of PLN 112 million recorded in the same quarter of 2016.
JSW Poland's coal output in the first quarter this year amounted to four million mt, down 6.97 percent, while its coal sales declined by 350,000 mt to 3.83 million mt, both on year-on-year basis.
In the given period, the company’s coal sales to external customers rose by 9.1 percent and internal sales fell by 23.8 percent, both compared to the first quarter of the previous year.