The Sierra Gorda Chile mine revenues, where KGHM has shares, increased in the first quarter by over 11%, but copper was recovered by as much as 22.5%. More. In addition, 61% were extracted. more gold than a year ago.
The costs increased much slower, and as a result the extraction unit in Chile was only 2.95 thousand a tonne of copper. dollars. In the KGHM group, our record indicator.
See also: Vice President KGHM about investing in Chile. "Question, can we do?"
If it was not for the fact that Sierra Gorda was repaying huge debts (part of the debt attributable to 55% of the KGHM share is USD 12.8 billion), given, among others, by KGHM, would & # 39 n advantage. The size of EBITDA equates to as much as 41 per cent, that is, every thousand dollars of sales, pure profit excluding financial costs is $ 410.
For comparison, the profitability of Polish KGHM plants is only 23 percent. EBITDA, while Canada 25% After years of drought, KGHM seems to have far better results of action outside the country.
In the first quarter of the year, the whole KGHM group won PLN 552 million compared to PLN 439 million a year ago. Market analysts are absolutely surprised. The average forecast collected by PAP related to PLN 451 million profit.
The stock exchange response is very positive and the rate went up 2.6 per cent. after a quarter trading on Thursday. This is the highest growth among the companies of the WIG20 index.
What's more, there are real prospects for a sharp increase in profits in the future. April 12, 2019 law, passed by the parliament and its transfer to the president's signature, will reduce taxes by 15 percent. In the first quarter, this tax charge on KGHM was raised by PLN 470 million. This means that more than PLN will be 70 million more in the KGHM group.
The rest of the world is still in the red
Of these, PLN 552 million net profit for the Polish branch of KGHM is PLN 695 million profit, for loss of PLN Canada 123, and for Chilean PLN loss 87 million. Only the activities of the Canadian company gave worse results than a year ago. Polish plants increased by 33%, and losses in Chile fell by 29%.
KGHM group revenue increased by 29% in the first quarter. year to year to 5488 million PLN. Of this 526 million PLN, the dollar rate increased, and PLN 1049 million increased the number of products sold. The price of copper in the first quarter increased by 8 per cent. to less than 6.5 thousand dollars. per tonne. It's still about $ 400.
32 per cent The KGHM Group earns revenue in Poland, 10% each in the Netherlands and Great Britain, and 9 per cent. in the Czech Republic.
A production in Poland was shaken by the fall of Rudna mine. Despite the decrease of 1.3 percent. year-on-year electrolytic copper extraction was higher than last year by 28 per cent. About 34 per cent. Metallic silver production has increased.
All this, thanks to the start of a installation for roasting copper concentration and processing its own concentrate of the stock. Copper reservoirs in concentration in KGHM mills decreased from 47.2 to 36.6 thousand. tons.
Production in Chile has grown by 23 per cent. year after year, and in Canada fell by 19 percent. In the latter case, there has been a reduction in copper content in ore. Unlike Chile.
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