Boom and cancelled debts fuel big coal turnaround

The industry recorded zł.1.6 billion net profit for Q1 to Q3, which set against last year's zł.2.3 billion loss, prompts much hope for the heavily-subsidized sector. The successful results follow a boom on the coal market and the waiving of zł.18 billion debts last year. In the larger perspective it also reflects the restructuring efforts of the last 13 years, says president of the Coalmining Chamber of Commerce and Industry, Janusz Olszowski. The net profit was achieved with the sale of 72 million tones of coal for zł.13.3 billion, a result that Olszowski says can be matched over the next two years. The sector's potential is, however, still hampered by heavy debts, cash-flow problems and discontinuity in the investments, as a result of previous losses. (Puls Biznesu p.1,8) M.G.