Polish copper miner KGHM misses forecasts with Q4 net loss
WARSAW – Poland's KGHM, one of the world's biggest copper producers, reported a fourth-quarter consolidated net loss of 87-million zlotys on Wednesday compared to an almost five-billion zlotys impairment-driven loss a year ago.
The loss came despite a rise in copper prices and contrasted with an average net profit of 522-million zlotys expected by analysts in a Reuters poll, many of whom did not include in their forecasts an impairment charge announced by KGHM in February.
At a stand-alone level, on which KGHM's dividends are based and which mostly reflect the company's Polish operations, the miner booked a net loss of 527-million zlotys in the quarter compared with a loss of 5.37-billion zlotys a year earlier.
The results were also hit by a fall in KGHM's copper production due to an accident at the group's smelter.
In 2017 KGHM's output of electrolytic copper from own concentrates fell by 4.5% to 359 000 t, which compares to 401 000 t the company had initially expected for the whole year. In the fourth quarter alone production amounted to 86,000 tonnes.
State-run KGHM also said the group's revenues fell by 2.4% year-on-year in the fourth quarter to 5.87 billion zlotys compared to 5.18 billion zlotys expected by analysts.
KGHM said that in 2017 the copper price rose by 27% to an average of $6 165/t.
The miner also said that its investment totalled 2.5-billion zlotys in 2017.
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