UPDATE 1-Polish copper miner KGHM misses forecasts with Q4 net loss

From Reuters - March 14, 2018

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WARSAW, March 14 (Reuters) - Polands KGHM, one of the worlds biggest copper producers, reported a fourth-quarter consolidated net loss of 87 million zlotys ($25.6 million) on Wednesday compared to an almost 5 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 KGHMs dividends are based and which mostly reflect the companys 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 KGHMs copper production due to an accident at the groups smelter.


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