Poland's KGHM Q1 net more than halves on copper price fall

Fri May 13, 2016 11:33am EDT
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WARSAW May 13 (Reuters) - First-quarter net profit at Europe's No.2 copper producer, Polish KGHM, more than halved to 161 million zlotys ($41.2 million), as lower copper prices hit its results, especially at overseas assets, it said on Friday.

While net profit came in above analysts' expectations of 90 million, sales at the state-run miner fell on an annual basis by a larger than expected 17 percent to 3.912 billion zlotys. Analysts polled by Reuters expected 4.26 billion.

At a stand-alone level, on which KGHM's dividends are based, the miner booked a 26-percent fall in net profit to 370 million zlotys, on sales 21-percent lower at 2.98 billion, compared with 378 million and 3.3 billion in analyst poll. ($1 = 3.9074 zlotys) (Reporting by Adrian Krajewski; Editing by Marcin Goettig)