New World Resources Plc tumbled the most in six months before the Czech coal company’s earnings tomorrow that may show the first quarterly loss since 2010.
The stock fell 5.9 percent to 77.19 koruna by the close in Prague, the steepest one-day drop since May 9, after earlier sliding as much as 11 percent. Share turnover today was 255 percent of the daily average in the past three months.
NWR may say tomorrow before the market opens that it had a loss of 4.4 million euros ($5.6 million) in the three months ended Sept. 30, according to the median estimate for adjusted net income from seven analysts surveyed by Bloomberg. That would be the first quarterly loss since the period ended March 2010, and compares with a 34.1 million-euro profit a year earlier.
“The main factor in the expected worsening is the negative development in the price of coking coal, which fell to 126 euros per metric ton in the third quarter, down 31.5 percent year-on-year,” Jan Raska, an analyst at Fio Banka AS in Prague, wrote in a report to clients today.
NWR shares have dropped 43 percent this year, extending losses after the company cut its full-year sales target on Oct. 15 and said average coal prices fell more than 19 percent. The stock’s slide compares with a 3 percent retreat for basic resources companies included in the Stoxx Europe 600 Index and a 10 percent increase in the broader benchmark.