Poland’s JSW sees decreased net loss in Q1

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 loss of PLN 59.5 million ($15.45 million), compared to a net loss of PLN 196.7 million in the corresponding quarter of the previous year. JSW's sales revenues decreased by 22.5 percent year on year to PLN 1.4 billion ($364.1 million). The company's EBITDA in the first quarter amounted to PLN 112 million ($29.1 million), rising by 2.5 percent compared to the same quarter of 2015.

JSW Poland's coal output in the first quarter this year amounted to 4.3 million mt, up 19.8 percent year on year, including 2.8 million mt of coking coal and 1.5 million mt of coal for energy purposes.

In the given period, the company’s coal sales to external customers reached 2.77 million mt, rising by 5.2 percent, while its coal sales revenues to external customers decreased by 22.9 percent to PLN 690.1 million ($179.23 million), both compared to the same quarter of 2015.

The company stated that during the given period it explicitly felt the positive effects and the financial impacts of its implemented restructuring program. However, the beginning of 2016 brought another deep decline in coal and coke prices, and so JSW Poland focused on restraining expenditure.