Polish coal miner PGG expects to swing into profit this year

KATOWICE: Poland's biggest coal miner PGG expects to swing to a net profit of around 400 million zlotys ($103 million) in 2017 from a 300-million-zloty net loss last year, Chief Executive Officer Tomasz Rogala said on Wednesday.

"I expect that this year PGG will have 400 million zlotys net profit," Rogala told reporters.

PGG, earlier known as Kompania Weglowa, faced collapse in 2015 due to a slump in coal prices and rising production costs. The company survived helped by the financial aid of state-run listed utilities and rebound in coal prices.