According to preliminary data, Kompania Weglowa (KW), Europe’s largest coal producer with 17 mines and 69,000 employees, will have net income of PLN 236m (EUR 61.6m) this year. Next year’s results are not that optimistic.
We forecast PLN 160m of net income in 2006, Maksymilian Klank, KW CEO said.
The company invested PLN 651m this year, or PLN 163m more than in 2004. KW paid back debts of the mines it had acquired but it still has nearly PLN 4 billion of debts.
KW explores 53m tones of coal annually. On January 2nd, it will launch internet sales. Both companies and individual clients will be able to buy coal via the internet. Virtual sales should increase the company’s sales by PLN 10 billion.
(PLN 1 = EUR 0.261)