Treasury pays out zł.3.4B of KGHM profits in dividends

"The Treasury was not fooled with the investment program presented by the management board. The same plans have been rolled out for years, and always right before a decision about distributing profits is made (...) The Treasury made the right decision," said Michał Marczak, an analyst with DI BRE. According to Flawiusz Pawluk, an analyst with DM BZ WBK, a dividend of this magnitude will have a very favorable effect on the market in the short-term, but estimating its influence on the company in the long run is difficult. "Differences in the price of copper can amount to $1,000 per ton annually, which means KGHM's profit could rise or fall by zł.1 billion. The future looks promising though, so even if the company's debt grows to more that zł.4 billion no harm should be done," added Pawluk. (Puls Biznesu, pp. 1, 6) M.M.