Coal mines Q1 revenues fall by zł.500 million

The Economy Ministry has just produced a report summarizing coal companies' Q1 results. These show that revenues from coal sales diminished by zł.500 million and the companies liquidity deteriorated. Coal reserves are also high and amount to 3.1 million tons, which equals the coal produced by two mines. In Q1 the profit reached only zł.374.6 million while the net profit was considerably lower (zł.174.7 million as compared with zł.462.3 million in the same period of last year). The best results were obtained by Jastrzębska Spółka Węglowa (zł.101.6 million), Katowicki Holding Węglowy (zł.39.5 million), and Kampania Węglowa (zł.36.4 million). Analysts are particularly concerned about low  coke prices, which fell by 30% over the past 12 months. At the end of March, the sector had zł.5.7 billion of debts while it is owed zł.1.7 billion. (Puls Biznesu, pp. 1, 7) M.K.