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Polish coal miner JSW's Q3 profit falls short of estimates

17th November 2017

By: Reuters

  

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WARSAW – JSW, the European Union's biggest coking coal producer, reported a net profit of 360-million zlotys ($100.3-million) in the third quarter compared with a net loss of 139-million zlotys a year ago, thanks to higher coal prices and lower costs.

The third-quarter bottom line in the state-run JSW missed analysts' average forecast of 522-million zlotys due to impairment reversal.

The company, which nearly collapsed in 2015 on a slump in coking coal prices, said its revenues in the third quarter rose 19% to 1.99-billion zlotys.

JSW also reiterated it plans to increase its coking and thermal coal output and sales to above 18-million tonnes by 2030 versus 11.3-million tonnes in the first three quarters of this year.

Edited by Reuters

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