Polish copper and silver miner KGHM reported first-quarter profit that more than doubled from a year earlier and beat market expectations, helped by higher copper and silver prices.
The state-controlled miner, whose share price had more than doubled in the year through March, reported adjusted core profit of 5.46 billion zlotys ($1.51 billion).
The growth was primarily driven by the company’s core Polish unit, where adjusted core profit more than tripled.
KGHM also said its currency hedging partially offset the negative impact of a weaker US dollar on its revenues.
Net profit for the January-March period jumped more than tenfold to 3.53 billion zlotys, significantly above the 2.33 billion zloty forecast seen in a Reuters poll.
($1 = 3.6274 zlotys)
(By Alicja Surdy and Rafal Nowak; Editing by Matt Scuffham)
![Humanity [H] crashes 17% – Rebound or deeper breakdown, what’s next?](https://img.bgstatic.com/spider-data/d9fe00cef4e822e80e10e090f82364b41778715058461.png)
