Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for the first half of the current year.
In the first half, JSW recorded an operating profit of PLN 15 million ($3.95 million) compared to an operating profit of PLN 196 million in the same period of 2014, while its sales revenues increased by 12 percent year on year to PLN 3.5 billion ($922.16 million).
In the given period, JSW's coal production amounted to 7.77 million mt, including 5.47 million mt of coking coal and 2.3 million mt of steam coal. The company plans to produce 16.4 million mt of coal in the whole year.
JSW stated that during the first half this year prices continued to fall and its response to these unfavorable market conditions entailed cutting unit costs further by ramping up production and pursuing savings efforts.