In the first three quarters of the year, New World Resources (NWR), the coal group listed, among others, on the WSE, seems to have good results. Sales grew 60 percent to EUR 1.55bn, EBIDTA jumper 96 percent to EUR 520m Chile net income rose 137 percent to EUR 259m. The problem is that the third quarter wasn’t as good as planned. The company had planned EUR 75.1m of net income but it had EUR 70.3m. Falling coal prices were the reason.
NWR produced 9.4m tons of coal in the January-September period, which was similar to 2007. According to NWR data, coke and energetic coal prices rose by 59 and 40 percent respectively. This boosted financial results. It will be harder now, however. In July, in Amsterdam, Rotterdam and Antwerp ports, energetic coal cost USD 224 per ton, in September USD 155.98 and on November 14th only USD 94.65.
“We have contracts for this year but it’s hard to forecast 2009 perspectives”, the company said in a statement.