Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for the first nine months of the current year, reporting a net loss of PLN 286.4 million ($68.8 million), compared to a net loss of PLN 622.9 million in the corresponding period of the previous year. JSW's sales revenues decreased by 12 percent year on year to PLN 4.56 billion ($1.09 billion). The company's EBITDA in the January-September period amounted to PLN 360.9 million ($86.72 million), falling from the EBITDA of PLN 379.5 million recorded in the same period of 2015.
JSW Poland's coal output in the first nine months this year amounted to 12.7 million mt, up 6.7 percent year on year, including 8.6 million mt of coking coal and 4.1 million mt of coal for energy purposes. In the same period, the company’s coke output increased by 0.8 percent year on year to 3.2 million mt. Meanwhile, in the January-September period, JSW Poland's coal sales amounted to over 12.9 million mt, rising 9.2 percent and its coke sales totaled more than 3.1 million mt, up 3.8 percent, both compared to the corresponding period of the previous year.
JSW Poland’s CEO Tomasz Gawlik stated that the company is in the process of restructuring. Accordingly, JSW Poland is carrying out a number of key investment projects, which are aimed at enabling the operation of the company in the long term and secure job places. These investments are also aimed at increasing the share of high-quality coking coal in JSW Poland’s production. “Today, we feel a positive impact from rising coal prices, but it is hard to assess the duration of the trend,” Mr. Gawlik added.