Monday, 17 June 2019

OKD posts profit of CZK 2.28bn, outputs will cover additional costs

CIA News |
24 August 2017

Coal mining company OKD posted profit of CZK 2.28bn for June 2017. The loss from preceding years totals CZK 17.93bn. this stems from insolvency asset administrator Lee Louda’s report for the Ostrava Regional Court, deposited in the Insolvency Register.

OKD’s outputs, which totalled CZK 1.28bn in June, sufficed for the firm’s operating profitability. Mr. Louda has stated that OKD has been attenuating its total production since February 2017, primarily mining, which dropped to 329,000 tons in June from 536,000 tons in February.

Thanks to the outputs, OKD managed to form financial reserves for the expenditures anticipated for H2 2017. These include reorganisation costs, mining attenuation and reserves for extraordinary events linked to mining.