* FY net profit rises, misses forecast
* 2009 volumes committed at lower prices
* Semi-annual div proposed at 0.18 euros
(Adds details, quotes, share price)
PRAGUE, Feb 24 (Reuters) - New World Resources (NWR)
<NWRSsp.PR> <NWRS.L> on Tuesday announced a 79 percent jump in
the net profit for 2008 due to high coal prices overall, however
the company said the difficult market environment will lead to a
drop in prices this year.
NWR, owner of the Czech Republic's largest hard coal mines,
said it had committed its 2009 volumes at lower prices. The
company said it expected coking coal prices to fall by about 33
percent this year.
"The severity of the economic crisis is reflected in the
steel market, which has seen major cuts in production with
consequent knock-on effects on coking coal and coke demand and
prices," it said in a statement.
The Dutch-based firm said it would target 12.1 million
tonnes of coal production in 2009, down from 12.7 million, with
52 percent of that in higher-margin coking coal.
In 2008, revenue grew 49 percent to 2.04 billion euros
($2.60 billion).
The company said excluding its real estate and other
restricted subsidiaries, attributable profit rose to 351.4
million euros, while analysts had expected full-year net profit
to rise to 358.1 million euros.
Shareholders are not entitled to profits from these
divisions.
NWR proposed a semi-annual dividend of 0.18 euros, down from
a 0.28 euro dividend from the first half.
The mining group said 60 percent of its sale commitments had
been contracted. It said coking coal would be at an average 2009
price of 91.5 euros per tonne, down from 137 euros last year.
"I would say it is a mixed news," said Bram Buring, analyst
with Wood & Co. brokerage. "The thermal coal prices look pretty
strong... volumes guidance is pretty good, but the coking coal
on the low side."
He also said a downside risk is from the crown currency,
which has lost almost 6 percent of its value against the euro
this year.
The firm said coal prices were calculated at 26 crowns per
euro, but with 60 percent of all contracts denominated in the
Czech currency, the actual revenue could differ.
The crown traded at 28.365 to euro on Tuesday.
NWR also said it was pushing ahead with planned expansion in
Poland and Ukraine.
NWR shares have plunged by 84 percent since its initial
public offering in May 2008, when it sold a 36.2 percent stake
for 1.3 billion pounds ($1.85 billion). The stock has
underperformed Prague's main PX <> market index, which has
lost 61 percent over the period.
The stock dropped by 4.71 percent to 67.00 crowns by 0933
GMT, while the PX index was up 0.05 percent.
($1=.7848 Euro)
(Writing by Jason Hovet; Editing by Sharon Lindores)
