NWR reports massive loss for 2013

NWR, the owner of the mining company OKD, has reported a net loss of 970 million euro for 2013, down from a loss of 1.25 million euro posted for the previous year. NWR management said the scope of the loss was caused by last year’s depreciation of the company’s fixed actives, worth around 800 million euro. Analysts say the results were affected by low coal prices and an uncertain outlook for the company; with over 17,000 workers, it is the largest employer in the northern Moravia-Silesia region.

Author: Jan Richter