State-controlled copper miner KGHM nearly doubled its net profit in the second quarter on rising copper prices and increased sales volumes.

KGHM recorded a net profit of zl.1.5 billion in Q2, up from the zł.844.8 million it earned a year earlier, the company revealed on Friday.

The figure significantly bettered expectations. A Reuters poll of analysts had suggested the copper miner would make zł.1.13 billion for the quarter.

“The reason [for the profit increase] is mainly higher sales, and here higher volumes of copper and silver played a role,” UniCredit analyst Marcin Gatarz told Reuters.

Copper prices leapt 50 percent in Q2, encouraging KGHM to sell some 142,000 metric tons of the metal, a 14 percent increase on last year. In total, sales increased 44 percent to zł.3.93 billion.

“Additionally, operating costs were a bit lower than we expected. I think such profits are not already included in KGHM [share] price and the market reaction should be positive,” said Mr Gatarz.