Europe's largest coking coal producer Poland-based Jastrzebska Spolka Weglowa SA (JSW) has announced its financial results for 2012.
In 2012, JSW's net profit decreased by 53 percent year on year to PLN 988.1 million ($309.56 million), while its sales revenues decreased by six percent to PLN 8.82 billion ($2.76 billion) compared to the previous year.
For the given period, JSW's coal production increased by 6.8 percent year on year to 13.46 million mt, creating coal sales revenues of PLN 4.13 billion ($1.3 billion) from external customers, down 16.4 percent compared to 2011. The coke production of the company improved by 23.5 percent, while the coke sales revenues from external customers amounted to PLN 4.3 billion ($1.34 billion), increasing by 21 percent, both year on year.
In 2012, JSW increased capital expenditures, especially to procure coal production from new seams and to improve the level of safety for miners working under the surface. Nearly PLN 1.81 billion ($567 million) was spent on investments, accounting for 22.9 percent growth compared to 2011 when capital expenditures were PLN 1.47 billion ($460.5 million).