Bogdanka is to request the ministry of environment to reconsider its application for the K-6-7 area mining licence
Lubelski Węgiel BOGDANKA S.A., the most modern and effective hard coal mine in Poland, announces that it intends to promptly apply for reconsideration of its application for the mining licence for the K-6-7 area; LW BOGDANKA has recently received information of a negative response to the application.
EBITDA for that period amounted to PLN 304.3 million, EBIT reached PLN 126.7 million and the net profit exceeded PLN 91.4 million. Despite challenging market situation and results being under the pressure of coal price drops, the Company’s profitability ratios remain at a level higher than the average recorded in the industry.
Mining licence for K-3 area and exploration licence for the Ostrów deposit granted to LW Bogdanka S.A.
Lubelski Węgiel BOGDANKA S.A., the most modern and effective hard coal mine in Poland, as well as the domestic leader on the power coal producers market, obtained the K-3 area mining licence and the Ostrów deposit exploration licence.
Lubelski Węgiel BOGDANKA S.A., the most advanced and effective hard coal mine in Poland and the leader in the domestic market for power coal producers, extracted 2.02 million tonnes of commercial coal in the second quarter of 2014. This result is comparable in amount to the one achieved in the same period last year when the extraction reached 2.05 million tonnes. Cumulatively in the first half of 2014 the Company extracted 4.25 million tonnes of commercial coal, which represents an increase of 4.2% as compared to the same period of the previous year.
The Lubelski Węgiel BOGDANKA Group showed in the first quarter of 2014 good results, in spite of difficult situation in the market. Revenue amounted to PLN 481.5 million (increase of 11.8%), EBITDA was PLN 174.1 million (increase of 0.9%) and EBIT was nearly PLN 86 million (decrease of 4.2%). The net profit reached PLN 62.6 million (decrease of 10.7%). Although decreased prices of coal affected profitability, the Company’s profitability ratios have remained at a level higher than average in the industry, which is shown for example by EBITDA margin of 36.2% after the first quarter.