NWR sees results turnaround in first quarter

New World Resources (NWR) the group which owns the hard coal miner OKD, announced a turnaround in the first quarter of the year. In place of a loss amounting to almost 750 million crowns last year, it announced a profit of around 712 million crowns. The turnaround has resulted from a sharp drop in hard coal mined and cost cutting as prices for hard coal stay near record lows. NWR bosses said they had hopes of keeping the threatened Paskov mine open after its closure now earmarked for 2017 but that further cost cutting would be needed for that to happen.

Author: Chris Johnstone