Central Europe-based miner New World Resources Plc (NWR) has announced its financial results for the first nine months of 2013.
In the first nine months, New World Resources registered a net loss of €527.9 million, compared to a net profit of €46.14 million in the corresponding period of the previous year. NWR's sales revenues decreased by 30.7 percent year on year in January-September this year to €634.3 million, mainly attributable to lower realized prices for coking coal and thermal coal as well as lower sales volumes of coking coal. In the given period, the company posted an operating loss of €482.7 million, compared to an operating profit of €94.6 million in the same period of 2012.
During the first nine months this year, NWR's total coal output decreased by 25 percent to 6.45 million mt, while external coal sales declined by six percent to 7.2 million mt, both compared to the corresponding period of the previous year.
According to New World Resources, for 2013 the company expects coal production and sales of around 9 million mt and 9.5 million mt respectively. Capital expenditures in its mining operations, including the Debiensko coking coal project located in Poland, should be around €100 million.
