KGHM's First Quarter Profit Drops 38% Copper Production Drops 15%

Poland’s KGHM is one of the world’s largest copper and silver producers. The company announced its first-quarter net profit of US$12,10.8 million on Tuesday, down 38% from the same period of last year, mainly due to the decline in output and sales.

The state-owned company stated that the net profit for the first three months of the year was 439 million zloty ($1.2108 billion), while the analysts expected it to be 453 million zloty, compared with 710 million zloty a year ago.