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New World Resources - Results disappoint investors

October 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • NWR
  • Price:
  • 1044p
New World Resources, the Czech Republic-based coking coal producer, has disappointed investors with its first results since its float missing eps forecasts by a significant margin. In the six months to 30 June revenues increased 60% to just over 1 bn. euros while net profit was Eu 189m, materially below broker forecasts of Eu 241m. The shortfall was caused by higher than expected costs, fewer production days, the appreciation of the Czech Karuna and one-off IPO costs. On an underlying basis the picture was slightly brighter though, with EBITDA increasing 93% to Eu 356m, largely thanks to a 54% rise in the price of coking coal to Eu 129 / tonne and a 35% jump in thermal coal to Eu 65 / tonne. Prices for both the second half ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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