Revenue down at New World Resources
Central European coal miner New World Resources (NWR) was hit by falling revenues from thermal coal and coke in the first quarter.
Central European coal miner New World Resources (NWR) was hit by falling revenues from thermal coal and coke in the first quarter.
Revenues fell 10% to €347m at the start of 2012 as coal production in during the period dropped 7% compared to 2011.
Operating profit for the period fell 71% to €11m, while net debt increased 26% to €385m compared to the year before.
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
External coal sales were 13% lower year-on-year mainly due to lower volumes of thermal coal, the firm said.
But decreased revenues from thermal coal, driven by lower sales volumes, had been partly offset by higher prices, it said.
Falling revenues from coke were driven by both lower sales volumes and prices.
"We reiterate our full year 2012 guidance that NWR expects to extract between 10.8Mt and 11Mt of coal and produce 700kt of coke this year," said Executive Chairman Mike Salamon.
"External sales of coal are projected to reach between 10.25Mt and 10.5Mt of coal, split approximately 52 per cent thermal coal and 48 per cent coking coal."
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.
-
The five insurance policies you should have
Some insurance cover will be more important than others. We look at five insurance policies you may need to have to make sure you aren’t caught out in an emergency
-
Is Donald Trump putting the US dollar in danger?
Donald Trump's administration sees one of its greatest advantages – the US dollar – as a burden. Gold is the obvious beneficiary, says Cris Sholto Heaton.