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