Highland Gold posts FY 2010 net profit of $122.3 million

Highland Gold, the London listed Russian focused gold miner, has posted a FY 2010 net profit of $122.3 million under IFRS.

The bottom line was up from the FY 2009 net result of $ 78.84 million, with EBITDA increasing 112.4% year on year to $121.3 million, and group revenue rising from $164.7 million in 2009 to $243.6 million for FY 2010.The company attributed its higher net result to increased sales and a 23% increase in output while keeping cost increases to a minimum, according to CEO, Valery Oyf.“A full year on year increase in gold production of 23% led to stronger revenues and improved margins as we continued to keep our cash costs in check. In 2011 we see a continuation of these positive trends with the Company now operating at three mines, progressing major projects at Taseevskoye, Unkurtash and Lyubov and having a substantially strengthened exploration portfolio to its credit.”