Polish mining industry losing money again
16:08
The Polish coal mining sector's prosperous streak has come to an end, reversing from extraordinary profits during the energy crisis period. In the first quarter of this year, the mines reported losses instead. Data from the Katowice branch of the Industrial Development Agency covers eight firms including Polska Grupa Górnicza and Jastrzębska Spółka Węglowa. The sector recorded a combined loss of PLN 642 million in Q1 2024, a stark contrast to profits exceeding PLN 3.23 billion a year ago and over PLN 5 billion for the entire 2023. Revenues also declined, totaling PLN 11.38 billion in Q1 2024 compared to PLN 15.06 billion in Q1 2023, with coal sales revenue dropping from PLN 10.82 billion to PLN 6.89 billion y/y due to lower coal prices and decreased production by 15% in March compared to the previous year.
