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Poland's KGHM reiterates goals after Q2 beats expectations

Published 2015-08-13, 11:43 a/m
Poland's KGHM reiterates goals after Q2 beats expectations
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WARSAW, Aug 13 (Reuters) - Europe's No.2 copper producer,
Poland's KGHM KGH.WA , reiterated its 2015 sales and output
targets, after a weaker zloty helped it beat market forecasts
with a 35-percent rise in its second-quarter net profit
The state-controlled miner reported a bottom line of 824
million zlotys ($219.5 million), compared with 685 million
expected by analysts.
A weaker zloty currency helped KGHM outweigh the effect of
low copper prices CMCU3 , which are hovering near the threshold
of $5,000 a tonne, which KGHM sees as its "pain level".
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Sales jumped by 10 percent to 4.325 billion zlotys, while
analysts expected a 6-percent rise.
In the first half of the year the miner booked around half
of both its copper output and sales targets for 2015 of,
respectively, 567,500 tonnes and 564,700 tonnes. KGHM reiterated
both goals.
The figures represent the miner's unconsolidated results,
generated only by the parent company, and the basis for its
dividend payouts.
They do not factor in foreign subsidiaries KILL.UL . KGHM's
biggest overseas asset, the Sierra Gorda mine in Chile, launched
commercial production last month.
On the group level, KGHM reported a surprise 17-percent net
profit growth to 796 million zlotys in the second quarter.
Analysts expected the consolidated net profit to fell 15
percent.
($1 = 3.7548 zlotys)

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