KGHM posts 75% drop in profits in H1 y/y

Poland’s copper and silver mining giant KGHM recorded a 75 percent fall in consolidated net profits in H1 2016, reaching PLN 296 million, in comparison with a PLN 1.19 billion one year earlier, the company said in a statement. The Group’s revenues reached PLN 8.46 billion, while the figure stood at PLN 10 billion in H1 2015. EBITDA in the KGHM Group amounted to PLN 2.06 billion, versus PLN 2.69 billion in the corresponding period in 2015. KGHM, which is based in Lublin, is one of the largest producers of copper and silver in the world. In 2015, KGHM’s revenue amounted to PLN 20 billion.