Central Europe’s economies are slowing, but the region is still doing better than much of the rest of the continent, the reason that regional coal miner New World Resources says it was able to beat expectations for the second quarter of the year.
The company reported sales of €347.5m for the quarter, down 24 per cent over the same period a year earlier and in line with expectations, while net income came to €28.3m, down by 66 per cent but better than the average estimate of €18.3m in a Reuters poll, in large part due to successful cost cutting.
“We consider the results, which exceeded expectations mainly thanks to lower costs, positive. The proposed dividend is also a positive surprise. NWR raised production targets but the outlook until the end of the year is a challenge given the conditions in the region (high supply of coking coal and lower prices),” writes Bohumil Trampota, an analyst with the Czech Republic’s J&T Banka.
Read more: Central Europe: coal demand still hot | beyondbrics
No comments:
Post a Comment