KGHM Q2 profit exceeds all expectations

Copper concern KGHM recorded a Q2 net profit of zł.497 million, a sum almost ten times larger than in the same period last year. The figure also significantly exceeded the expectations of market analysts who estimated the profits would stand at around zł.390 million. KGHM has also recorded a fundamental increase in sales revenues, which in the period amounted to zł.1.7 billion, compared to zł.1.09 billion a year earlier. It is speculated that the good results were due to international record high copper prices. Nevertheless, most market analysts shied away from commenting on the high profit, saying that more time is needed to digest the figures. In the middle of this month, the company will post its consolidated financial results. All indicators are that the KGHM management expects to see an annual net profit of zł.1.34 billion. (Puls Biznesu, p. 4) A.K.