Poland’s KGHM on Wednesday reported a bigger than expected fall in net profit in the first half of 2016 on the back of losses on its foreign assets driven by rising costs and falling copper prices.
The state-run miner, which is Europe’s No 2 copper producer, reported a 75% fall in its consolidated net profit to 296-million zlotys ($77.57 million), while analysts had expected the result to come in at 406-million zlotys.
