JSW Q1 net profit beats expectations

WSE-listed coal miner JSW had PLN 864.5 million Q1 net profit, beating the PLN 763 million expected by analysts polled by the Polish Press Agency (PAP). In the corresponding period last year, the company posted PLN 59.8 million loss. Revenues amounted to PLN 2.37 billion, up by 69.4 percent y/y, while EBITDA stood at PLN 1.23 billion, an impressive 1,006 percent y/y growth. The revenue growth came mainly on improvement in coking coal prices, which increased from PLN 314 per metric ton last year to PLN 823 in Q1 this year. Additionally, volumes of higher-price and higher-margin coking coal increased, while those of steam coal declined.