February 29, 2012 / 6:34 AM / 6 years ago

UPDATE 1-KGHM triples Q4 net profit on telco asset sell-off

* Q4 net triples to PLN 3.8 bln, FY net 11.3 bln

* Says Q4 output at 144,000 tonnes of copper

WARSAW, Feb 29 (Reuters) - Europe’s No.2 copper producer KGHM tripled its fourth-quarter net profit to a record 3.8 billion zlotys ($1.23 billion), a notch above analyst forecasts, thanks to sales of its telecom assets, it said on Wednesday.

This puts KGHM’s full-year bottom line at 11.3 billion zlotys, slightly above the state-controlled copper miner’s guidance of 11.2 billion.

KGHM’s output stood at 144,000 tonnes of copper in the fourth quarter, with sales at 4.85 billion zlotys, or 2 percent more year-on-year. Full-year revenues jumped by a fourth to 20.1 billion zlotys, in line with the miner’s guidance, thanks to high copper prices.

The company had indicated proceeds from sales of its stake in cellphone operator Polkomtel and fixed-line operator Dialog would add around 2.6 billion zlotys to its bottom line.

This year’s results are not expected to include any further large divestment proceeds and will be weighed down by a new mining tax. But they will be boosted by the C$3 billion purchase of Canadian rival Quadra FNX.

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