August 17, 2016 / 3:42 PM / 2 years ago

Poland's KGHM H1 profit falls 75 pct y/y, below forecasts

WARSAW, Aug 17 (Reuters) - Net profit at Europe’s No.2 copper producer, Polish KGHM, fell 75 percent year on year in the first half of this year, as lower copper prices continued to weigh on results, especially at its overseas assets, it said on Wednesday.

The state-run firm posted a consolidated net result of 296 million zlotys ($77.65 million) compared to 1.19 billion zlotys a year earlier and 406 million zlotys expected by analysts.

The company did not publish a net profit for the second quarter, but according to Reuters calculations it stood at 135 million zlotys and came in below analysts’ expectations at 245 million zlotys.

At a stand-alone level, on which KGHM’s dividends are based, the miner booked a 49 percent fall in net profit to 668 million zlotys, compared to 704 million zlotys seen in Reuters poll. ($1 = 3.8120 zlotys) (Reporting by Agnieszka Barteczko, editing by David Evans)

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