Kazakhmys first-half net profit down amid lower production

LONDON (MarketWatch) — Copper miner Kazakhmys said Thursday that first-half net profit fell to $608.4 million, or $1.34 a share, from $794.2 million, or $1.70 a share, a year ago. Revenue rose to $2.84 billion, from $2.79 billion last year boosted by record commodity prices. Copper cathode production volumes dropped 23.8% during the first half of 2008, primarily due to reduced production levels and the relative lower quantity of cathodes in transit. “Copper production has shown a steady improvement over the first half of the year and we continue to anticipate that production of copper from own material for 2008 will be at least in line with last year,” said CEO Oleg Novachuk.
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