KGHM Q2 net profit shrinks to PLN 171 mln

Mining giant KGHM Polska Miedź recorded Q2 consolidated net profit of PLN 171 million compared to PLN 341 million a year ago.  The profit decline was mainly due to an increase in depreciation/ amortization, the recognition of provisions and lower result on the involvement in joint ventures, KGHM wrote. Adjusted EBITDA amounted to PLN 1.39 billion versus PLN 1.17 billion y/y. Revenue in the same period grew to PLN 5.16 billion from PLN 4.8 billion y/y. In H1 revenue stood at PLN 9.42 billion (PLN 9.72 billion y/y), net profit was PLN 610 million (PLN 1.05 billion y/y). Revenue decline was mainly attributable to KGHM Polska Miedź S.A. (down PLN 512 million), while revenue of KGHM International Ltd. grew (up PLN 117 million), the company stated.