RPT-Coalminer New World swings to profit ahead of IPO

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PRAGUE, Sept 13 (Reuters) - New World Resources, a group controlling Czech coal miner OKD, said on Thursday it swung to a net profit of 389 million crowns ($19.67 million) in the second quarter of 2007 from a 587 million loss in the same period a year ago.

The company is planning to float up to a third of its stock in London and Prague before the end of this year.

It said the second-quarter 2006 loss was attributable to a charge related to a mine closure in 2006.

Second-quarter earnings before interest, tax, depreciation and amortisation jumped 52.3 percent to 2.55 billion crowns.

"The improvements in the company's performance were substantially underpinned by increases in coal and coke prices," NWR said in a statement.

Second-quarter revenue rose 14 percent year-on-year to 9.8 billion crowns, it said.