Polish KGHM's core profit rose 60% in Q1 due to rising copper prices

On May 14 (Wednesday), KGHM Polska Miedz, Poland's largest copper producer, reported that its adjusted core profit for Q1 increased by 60% to 2.49 billion zlotys ($659.55 million), driven by rising metal prices and increased international sales.

The company's payable copper production in Q1 reached 169,000 mt, meeting budget targets.

Domestically, the company's core profit increased by nearly 40% to 1.25 billion zlotys, as price increases offset a decline in production.

The core profit of its international subsidiaries in North and South America increased by 87% to 462 million zlotys, primarily due to increased sales.

KGHM's joint venture in Chile, Sierra Gorda, more than doubled its quarterly core profit YoY to 672 million zlotys, driven by increased copper production and sales of copper and gold.

The group's total revenue increased by 7.5% to 8.94 billion zlotys, while capital expenditure increased by 6% YoY to 692 million zlotys.