Prague - New World Resources (NWR), the owner of the Czech Republic's largest coal mining company OKD, said Friday it more than quadrupled its first quarter net profit in 2008 on the back of record coal prices and increased efficiency. The company said it has recorded a net profit of 118 million euros (182.8 million dollars) in the first three months of 2008, up by 337 per cent from 27 million euros in the same period the previous year.
The mining company's consolidated revenues grew 64 per cent in the first quarter from 320 million euros in the first three months of 2007 to 524 million euros in the same period this year.
NWR said it has negotiated "all-time high prices" for its steam and coking coal to be sold in 2008.
The increased prices and drive for efficiency in the mines were behind the strong growth, spokesman Joe Cook said.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 130 per cent to 212 million euros in the first three months this year from 92 million euros in the same period in 2007.
New World Resources, one of the leading employers in the Czech Republic with some 21,400 employees, has customers across Central Europe, including Arcelor Mittal Steel, US Steel, Moravia Steel or CEZ.
The firm, whose majority owner is RPG Industries which is co-owned by Czech businessman Zdenek Bakala, has recently listed its shares in Prague, Warsaw and London.
The company, operating mines in the north-eastern Czech Republic, plans to expand to Poland.
"We are following, with great interest, the various recent announcements regarding potential privatizations in Poland," NWR executive board chairman Mike Salamon said in a statement.
