By Christian Moess Laursen

Polish miner KGHM said its net profit jumped in the first quarter, helped by lower operating costs and despite a decline in revenue.

The world's second-largest silver miner said late Wednesday that its first-quarter net profit more than doubled to 424 million Polish zloty ($108.3 million) from PLN164 million.

Revenue from customer contracts fell 13% to PLN8.315 billion, partly offset by a 13% fall in the cost of sales.

A weaker foreign-exchange rate dragged on revenue, while increases in precious-metals prices in the second half of March didn't lead to a stronger reaction by investors in the quarter, the company said.

Adjusted earnings before interest, taxes, depreciation and amortization fell 14% to PLN1.55 billion.

The miner's copper output rose 2% to 179,200 metric tons, offset by a 17% decrease in silver production to 316,000 tons on a planned maintenance shutdown at its plant in Glogow, Poland.

Write to Christian Moess Laursen at

(END) Dow Jones Newswires

05-16-24 0207ET