September 4, 2012 / 3:52 PM / 6 years ago

KGHM copper's Canadian unit returns to profit -CEO

KRYNICA, Poland, Sept 4 (Reuters) - Europe’s No.2 copper producer KGHM said on Tuesday its recently acquired Canadian unit Quadra FNX had returned to profit after the first seven months of the year.

The unit, renamed KGHM International after it was bought by the Polish copper miner for C$3 billion in March, had posted a $28 million loss in the second quarter due to higher costs and impairment charges.

“We have very good news from KGHM International,” KGHM Chief Executive Herbert Wirth told reporters. “After seven months the company is in the black. Its net profit is positive and so is EBITDA (earnings before interest, tax, depreciation and amortisation).”

Wirth also reiterated that the group would in October raise its net profit guidance for 2012, but that it would retain its forecast for copper and silver output.

The group previously said it expects net profit to reach 3.8 billion zlotys ($1.1 billion). Copper output is forecast at 562.00 tonnes and silver output at 1.098 tonnes.

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