Bogdanka Q1 net profit down

WSE-listed coal miner Bogdanka recorded a consolidated net profit of PLN 21 million in Q1, down by 67.4 percent y/y, the company said in its preliminary report. EBIT stood at PLN 25.16 million vs. PLN 84.5 million profit a year earlier. EBITDA amounted to PLN 122.3 million down by 32 percent y/y. Revenues amounted to PLN 397.9 million, down by 14.1 percent y/y. “The lower than planned production volume in Q1 2018 was primarily due to geological and hydrogeological difficulties that resulted in lower production of commercial coal. At the end of February these difficulties were removed and production in March took place as planned, however the average yield from three months amounted to 57 percent, which had a significant impact on the level of production and sales, and, consequently, the financial results of the entire quarter,” the company said in a market filing. Furthermore, Bogdanka received a PLN 25.4 million boost to its Q1 results from final settlement of an arrangement with a consortium of builders Mostostal Warszawa and Acciona Infraestructuras, the company said in the filing.