KGHM Polska Miedź SA reported a profit of 418 million Polish zloty for the second quarter, surging 143% from 172 million zloty in the year-ago period.
Revenue increased 11% year over year to 5.74 billion zloty, while adjusted EBITDA dropped 8% to 1.28 billion zloty and net sales slipped 4% to 666 million zloty.
Payable copper production from the KGHM Polska Miedz mine in Poland rose 24% annually to 145,000 tonnes, its best quarterly result since the third quarter of 2015. Copper output from the Sierra Gorda mine in Chile and the KGHM International Ltd. operations was 14,000 tonnes and 20,000 tonnes, respectively.
Profit in the first half increased 58.8% to 970 million zloty, driven by record revenues of 11.23 billion zloty resulting in part from a 22% increase in copper sales, a 45% increase in silver sales and a 29% increase in gold sales.
The group's first-half output of payable copper totaled 352,000 tonnes, 19% higher year over year thanks to improved availability of production equipment at the KGHM Polska Miedz division and increased mining and processing rates at Sierra Gorda, partially offset by lower output from the Robinson mine in Nevada and the Sudbury Operations in Ontario.
As of Aug. 20, US$1 was equivalent to 3.93 Polish zloty.
