KGHM shows improved results for first quarter of 2003

Copper and silver conglomerate KGHM saw better operating conditions in the first quarter than a year earlier as a weaker złoty made up for lower copper prices, CEO Stanisław Speczik said yesterday. In the first quarter of last year KGHM, the world's sixth largest copper producer and second-largest silver miner, had a consolidated net profit of zł. 2.9 million ($715,100). For 2003 the company has forecast a group net profit of zł. 550 million, based on an average copper price of $1,625 per tonne and an average złoty rate of zł. 3.80 to the dollar. Speczik declined to comment on KGHM's ongoing labor dispute over wage increases but said a pay rise might be possible, depending on first-half results. He gave no further details. (Parkiet, p. 3; Reuters) J.K.