KGHM Q1 profit doubles partly thanks to Polkomtel dividend

Polish copper and silver miner KGHM doubled its net profit in the first quarter, core figures showed on Monday, reflecting cost control, well- managed hedging and a dividend from mobile phone firm Polkomtel. KGHM, the world's number two silver miner and sixth largest copper producer, posted a net profit of zł. 135 million, up from zł. 61 million in January-March 2002. However, KGHM said it would not revise its full-2003 profit goal of zł. 154 million, citing concerns over metals prices and exchange rate fluctuations later this year. KGHM's earnings before interest and taxes (EBIT) amounted to zł. 92 million, against forecasts of zł. 66 million, according to u nconsolidated data based on Polish Accounting Standards. KGHM releases group results on May 15. The miner received a pre-tax zł. 46 million from Po lkomtel's dividend. KGHM's share in Polkomtel is nearly 20%. (Parkiet, p. 3; Reuters) J.K.