KGHM with lower results in Q2

Poland’s copper and silver mining giant KGHM recorded a consolidated net profit of PLN 683 million in the second quarter of 2014, the company said on Thursday. Analysts polled by the Polish Press Agency had expected the result to be PLN 595 million. The net profit declined by 38.5 percent year-on-year. The group’s operating profit came in at PLN 969 million in Q2 2014 compared to a market consensus of PLN 845.5 million. KGHM’s revenue in the second quarter of 2014 stood at PLN 4.878 billion, while analysts expected it to come in at PLN 5.091 billion. It dropped by 23.9 percent y/y.