KGHM once again increases its 2004 profit projection

Copper giant KGHM has once again raised its projected net profit for 2004 up from zł.805 million to over zł.1.34 billion. The increase did not surprise analysts as copper prices are at record high levels this year and some of analysts suggest that the company's profits may still be even higher. KGHM representatives stressed that the prognosis does not include revenues and costs related to its telecommunication assets, namely the independent telecom operator Dialog which KGHM plans to sell. The shortlist of investors interested in buying Dialog includes Netia and four financial investors, but KGHM deputy president Andrzej Szczepek revealed that the decision about the sale will be taken by the end of August. Moreover, at yesterday's shareholders meeting, Treasury Minister Jacek Socha replaced Jan Stachowicz, a member of KGHM's supervisory board appointed by the former minister Zbigniew Kaniewski, with Elżbieta Niebisz. (Parkiet, p. 5; Puls Biznesu, p. 5) E.B.