Polish copper producer KGHM swung to a net loss of 494 million zlotys ($114.77 million) in the fourth quarter, in part blaming a turbulent macroeconomic environment and higher costs.
The company, one of the world’s biggest copper and silver producers, had reported a net profit of 1.39 billion zlotys in the year earlier period.
In its financial statement released on Wednesday, KGHM cited price hikes in areas such as technological materials, energy, fuels and services behind its higher costs.
However, it remained optimistic, announcing a record level of spending for this year.
“Last year’s solid production and financial results, earned during tough times, allow us to look to the future with optimism, for this year and subsequent years,” chief executive officer Tomasz Zdzikot said in a press release.
“We have ambitious investment projects and plans – we plan a record level of spending in 2023.”
Fourth quarter revenue rose slightly to 8.15 billion zlotys from 8.07 billion zlotys year ago.
($1 = 4.3188 zlotys)
(By Patrycja Zaras; Editing by David Goodman and Kirsten Donovan)