WARSAW May 24 Poland's JSW, the
European Union's biggest coking coal producer, reported on
Wednesday it made a net profit of 864.53 million zlotys ($231.3
million) in the first quarter, thanks to a surge in coal prices
and cost cutting.
Analysts had expected JSW to report a net profit of 744
million zlotys, the company having made a net loss of 60 million
zlotys in the same period last year.
The state-controlled company, which nearly collapsed in 2015
following a slump in coking coal prices, is expected by some
analysts to report a net profit of almost 3 billion zlotys this
year thanks to higher prices and reduced costs.
First-quarter sales revenue rose nearly 70 percent to 2.38
Earlier this month, the company's acting chief executive,
Daniel Ozon, said that JSW might resume paying a dividend on
this year's results.
($1 = 3.7375 zlotys)
(Reporting by Agnieszka Barteczko; Editing by Lidia Kelly;
Editing by Elaine Hardcastle, Greg Mahlich)