November 9, 2016 / 4:26 PM / in a year

Poland's KGHM beats forecasts with Q3 net profit of 329 mln zlotys

WARSAW, Nov 9 (Reuters) - Poland’s state-run copper producer KGHM reported a bigger than expected year-on-year rise in third-quarter consolidated net profit thanks to rising silver prices and copper sales.

The company’s net profit rose to 329 million zlotys ($82.9 million) from 33 million zlotys a year earlier when the result was hit by falling copper prices and a write-down.

Analysts polled by Reuters had expected net profit of 242 million zlotys.

On a stand-alone level, on which KGHM’s dividends are based and which excludes the group’s oversees assets, the miner booked a 73 percent rise in net profit to 614 million zlotys, well ahead of a forecast of 447 million zlotys in an analyst poll.

$1 = 3.9688 zlotys Reporting by Agnieszka Barteczko; editing by David Clarke

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