Polish coal company marks 300 percent profit growth

Photo: Lubelski Wegiel "Bogdanka” S.A.

The profit of 103.7 million zloty (24.9 million euro) marks a record for the company.

Meanwhile, the operating profit has quadrupled to 126 million zlotys (30.2 million euro), with revenue rising 71 percent to 486 million zlotys (116.8 million euro).

Overall levels of production for the first three quarters of 2012 increased by 56 percent.

“This means that during the first three quarters of 2012, the parent company received a higher overall yield rate than it did in the same period of the previous year,” Bogdanka affirmed in its quarterly report.

Nevertheless, in spite of the increase in productivity and sales, the company was left with a significantly larger unsold surplus of coal stock – 166,000 tonnes at the close of September, as opposed to 25,000 a year ago. (nh)