Czech NWR says 2011 profit falls 44%, reiterates lower output target for 2012.

By bne IntelliNews February 24, 2012
Czech coal miner New World Resources (NWR) said net profit in 2011 fell by 44% y/y to EUR 130mn and reiterated lower output targets for this year as short-term outlook is still uncertain. "The progressive deterioration in business confidence in the Eurozone during the second half of 2011, combined with an uncertain macroeconomic outlook significantly compounded the slowing down in demand for steel and its raw materials in our target market," the company said in a statement on is website. NWR revenue grew 3% y/y to EUR 1.632bn, mainly due to increased prices for both coking coal and thermal coal. Revenue from the coal segment was 11% higher on the year to EUR 1.51bn as production was slightly above target although it decreased by 2% to 11.247mn tonnes in 2011. Revenue from the coke segment fell by 31% to EUR 237mn as production dropped 23% to 770,000 tonnes. NWR reiterated it plans coal production for this year at 10.8-11mn tonnes and coke production at 700,000 tones. It targets sales of 10.25-10.5mn tonnes for 2012, of which 52% will be thermal coal and 48% coking coal. NWR, controlled by Czech billionaire Zdenek Bakala, completed its re-incorporation from a Dutch to a UK company in May 2011 in order to qualify for listing on the FTSE index of the London Stock Exchange. NWR fully controls local black-coal mining unit OKD, which operates 5 mines in northern Moravia.

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