Reuters reported that Poland sole listed coal miner Bogdanka expects net profit to reach PLN 178 million this year up from a previous forecast of 141 million as it also raised guidance on sales and operating profit.

The company whose shares closed down 1.5% said the better forecasts reflected an improving economic outlook and growing demand for coal. Average coal prices had also fallen less sharply than expected since mid year.

It now sees sales at PLN 1.14 billion up from an earlier forecast of 1.09 billion and operating profit at PLN 222 million up from 178 million.

The chief executive of Bogdanka, a state controlled miner that went public earlier this year told Reuters in an interview earlier in October the company might raise its forecasts.

(Sourced from Reuters)