"Net unified result [ogółem] In the third quarter amounted to 365 million PLN, and amounted to 40% compared to the previous year. The difference is mainly due to the low operating results of KGHM Polska Mied S. S.A. And a higher income tax, "the statement said.
Net profit on sales amounted to PLA 647 million compared to a profit of 864 million PLN in the previous year. Adjusted EBITDA amounted to PLN 225 million compared to PLN 414 million in the previous year.
Consolidated sales revenue in the third quarter of 2018 reached PLN 5,364 million, compared with PLN 4,774 million in the previous year.
KGHM's capital group increased its revenues by PLN 590 million (+ 12%). The change relates mainly to KGHM Polska Mied S. S.A. (PLN +39.96) and KGHM International (PLN +137 million), as stated in the announcement.
The results of the capital group are satisfactory. Poland, the increase in revenue is due to higher volume of copper sales. The increase in DMC-related contract revenue was implemented in the UK and had a significant impact on improving results, "- said Vice-President Finance Katarzyna Kreczmańska-Gigol, a quote in the message.
In the first quarter of 2018, the company had a net profit of PLN 973 million, attributable to its parent shareholders, compared to a profit of PLN 1655 million in the previous year, with sales revenue of PLN 787 million compared to PLN 487 million in the previous year. Adjusted EBITDA amounted to PLN 3,790 million, compared to PLN 4,277 million in the previous year.
The impact on adjusted EBITDA after 9 months was mainly due to an increase in operating expenses, including higher taxes on certain minerals due to the higher price of metals (Cu, Ag).
In individual terms, net profit for the first quarter of 2018 was PLN 1,430 million, compared with a profit of PLN 1,850 million in the previous year.
In the third quarter of 2018, copper production in the group was similar to the peak in the third quarter last year (171 thousand tons compared with 170 thousand tons), mainly due to the increase in the production of electrolytic copper by KGHM Polska Mied S. S.A. After the downtime repair of the kiln in Gelogów II copper smelter. A slight decline in the third quarter, the production of copper pay on KGHM's international assets was largely due to the deterioration of ore quality and the small reduction of booty from the Robinson mine, also given in the announcement.
"After three quarters, the production of copper for payment, both from the Robinson mine and in all KHM International, remained at a level similar to the previous year, and the furnace has a negative impact on the production of associated metals, mainly metallic silver (20% y / y). Three quarters caused by the smaller content of ore ore is utilized, "we read further.
Net debt at the end of the third quarter of the year amounted to $ 7,439 million ($ 2,024 million), and the net debt to adjusted EBITDA ratio was 1.6x.
"In the third quarter of 2018, began a review of foreign assets, and its completion is planned for the end of 2018. As part of implementing the strategy implemented by KGHM Polska Mied SA SA in the field of foreign companies of the capital group, KGHM aims to develop harmonized reporting principles, consistent internal regulations as well as standardization of Solutions in specific areas of activity of foreign entities – summarizes the communiqué.
KGHM Polska Mied יש has a broad portfolio of research, development and production projects in Poland, Germany, Canada, Chile and the United States. He has been on the Warsaw Stock Exchange since 1997.
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