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.