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The Warsaw Voice » Business » May 15, 2014
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KGHM’s Q1 profits below consensus
May 15, 2014   
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Polish copper and silver giant KGHM posted PLN 507 million in stand-alone net profit in Q1 2014, below the consensus for PLN 556.9 million profit, Q1 financial statements out Wednesday morning showed.

EBITDA fell 45% year on year to PLN 924 million.

Revenues declined by 25.6% to PLN 3.8 billion, as sales volumes fell 17.9% y/y for copper and 34.3% for silver.

The company attributed the lower volumes to restocking and to higher comparative base, as the company sold out a portion of its stockpiles in Q1 2013.

Prices edged down, with average copper price down by 11% to USD.
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