Although Poland’s copper giant KGHM has met the market expectations in the second quarter of the year, Quadra, which it recently took over, has dragged its operating profits down. The consolidated net profit of the KGHM group failed to meet estimates in the second quarter of the year, coming in at PLN 1.34m, while the analysts had predicted PLN 1.6bn. The drop was said to be resulting from the weak Q2 2012 results of KGHM International, which saw a loss of USD 28m. The company was taken over by KGHM this year, as Quadra.
The Polish company KGHM posted unconsolidated net profits that were 35 percent lower in the second quarter of the year, which was said to be affected by new taxes on copper and silver extraction. The company had to pay PLN 433m, which helped drive its profits down to PLN 1.54m. The net profit of KGHM also fell in the second quarter of the year. Revenues reached PLN 5.3bn in the second quarter of the year, reflecting a slight increase compared with the same period in 2011.
