UPDATE 2-NWR's Q2 net jumps fivefold, below consensus

(adds dividend details, analysts, chief executive comments)

By Jana Mlcochova

PRAGUE, Aug 28 (Reuters) - Coal mining group New World Resources (NWRS.L) (NWRSsp.PR) on Thursday reported a fivefold jump in second-quarter net profit thanks to soaring coal prices, but the figure missed forecasts because of higher costs.

The Dutch-registered company, which operates the Czech Republic's biggest mines, posted a net profit of 69.7 million euros while analysts polled by Reuters expected nearly double that amount. Revenue surged 57 percent to 324 million crowns.

The numbers weighed on NWR shares, pulling them lower by as much as 4.2 percent in early trade. By 0847 GMT, the stock was down 3.6 percent at 477.40 crowns, valuing Prague's fourth-largest listed company at $7.8 billion.

"Overall costs were high due to one-off personnel costs linked with the company's IPO plus the fast appreciating crown also hit the operating level," said Jan Tomanik, an analyst at Wood&Co. brokerage.

NWR sold a 36.2 percent stake for 1.3 billion pounds ($2.4 billion) in May in the biggest initial public offering on the London exchange so far this year.

NWR, also listed in Prague and Warsaw, soared as much as 40 percent after its IPO on rising coal prices and a slew of upbeat brokerage notes. But the stock has retreated by a quarter from its mid-June highs.

Coking coal generates two thirds of NWR's business, and prices in that segment rose by around half in the second quarter, according to analysts' estimates.

"We said we'll maintain volumes which we did," NWR executive chairman Mike Salamon said in a phone interview.

"Prices were pretty much along the lines that we anticipated, and our expectation is that we'll continue to see a very significant growth there, so I would say that the results were reasonable," he told Reuters.

NWR's results are not fully comparable year-on-year since the firm hived off some smaller, non-core assets before its share offering.

"We expect market conditions in the second half of 2008 to continues to be favourable and believe we are well-placed to build on our first-half performance," Salamon said.

The coal miner said it concluded agreements for semi-annual coke contracts which will enable it to raise prices by 21 percent compared with those contracted for the first half of 2008.

NWR owns the Czech Republic's biggest hard coal miner OKD. It is investing 600 million-800 million euros to reopen the Debiensko mine in Poland, with estimated reserves of 190 million tonnes.

The group also signed a deal last year with Polish state-owned mining group Jastrzebska Spoka Weglowa to develop mines along the Czech-Polish border.

The company proposed a dividend of 0.28 euros per share, setting a dividend payment day for Oct. 23 and the record date for Sept 19. (Additional reporting by Jan Korselt; Editing by David Cowell)