Profits down 3% at New World Resources
New World Resources, a FTSE 250 producer of coal for the steel and energy sectors, has seen profits before tax fall 3% in the nine months to the end of September, compared to the equivalent period of 2010.
New World Resources, a FTSE 250 producer of coal for the steel and energy sectors, has seen profits before tax fall 3% in the nine months to the end of September, compared to the equivalent period of 2010.
Revenues over the nine months were up 10% compared to 2010 and earnings before interest, taxes, depreciation and amortisations (EBITDA) were 22% higher. However, it is clear the third quarter has been difficult with revenues down 12% on the preceding quarter with profit before tax down 59%.
New World Resources is focused on Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic. It also has two development projects in Poland.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In his statement commenting on today's update NWR's chief executive, Mike Salamon says he is seeing "increased levels of prudence" from customers as the Eurozone fails to resolve its debt crisis."
He adds however that: "This year is shaping up to be the second best year in NWR's history. We continue to deliver strong operating and financial results whilst pursuing our growth plans."
Shares in NWR were down 0.66% in early trading. In the year to date New World's share price has dropped 53%.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
8 of the best properties for sale with award-winning gardens
The best properties for sale with award-winning gardens – from a Victorian Gothic rectory in Hampshire, to a Georgian house in Kent with gardens designed by multiple Royal Chelsea Flower Show gold medallist Roger Platts
-
How does the Lifetime ISA work? Key LISA rules
What is a Lifetime ISA (LISA) and how much could the government bonus boost your savings by? We look at the perks and the pitfalls.