Income of the mining industry decreases by PLN 753m

APA - Austria Presse Agentur
opublikowano: 21-12-2005, 15:46

Warsaw (Puls Biznesu) The Ministry of Economy estimated the results of the mining industry after ten months of this year. They are worse than a year ago. The net income in the industry fell by PLN 753.2m to PLN 992.1m (EUR 258.9m).

Warsaw (Puls Biznesu) The Ministry of Economy estimated the results of the mining industry after ten months of this year. They are worse than a year ago. The net income in the industry fell by PLN 753.2m to PLN 992.1m (EUR 258.9m).

The truth is that last year was abnormal because prices rose to a level not noted in the branch for many years, Janusz Olszowski, the head of the Mining Trade and Industrial Chamber commented.

Kompania Weglowa, comprising of 17 mines, had PLN 202.2m of net income.

Worse results are bad news for JSW group, which is planning to be listed.

The issue prospectus will be delivered to the securities and exchange commission KPWiG this week. But sales of JSW fell by 25 percent in the August-October period.

It is too bad that the privatization of JSW had been postponed, Janusz Olszowski commented.

The company had PLN 696.2m of net income after 10 months of this year, while in the same period of 2004, it was PLN 1.2 billion.

Today, 124,000 people work in Polish mines. Next year, they may be forced to reduce capacity and employment.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur