Conglomerate KGHM posts loss despite earnings from shedding some units

Copper-mining conglomerate KGHM Polska Miedz S.A. spent most of last year restructuring by selling off of some units and diversifying into other non-mining ventures. The firm hopes to earn up to zl. 150 million - zl. 300 million through similar restructuring this year. The biggest drain on revenues, are the telecommunications ventures that are expected to absorb about $50 million in investments this year. The conglomerate has been divided into three autonomous entities: the financial arm controlling Cuprum Bank and TUW Cuprum, KGHM Metale administering the mines, and the mother company managing among others the copper trading enterprises of KGHM Polish Copper and KGHM Kupferhandlsges. The units to be sold include the firm's health care, energy, and stock brokerage businesses. KGHM Polska Miedz had sales revenues of zl. 4.57 billion last year and had a net loss of zl. 22.6 million. (Prawo i Gospodarka, page 11, 12). S.M.