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25 Sep, 2009 13:00

Polyus Gold posts 1H 2009 Net Profit of $150 million

Polyus Gold posts 1H 2009 Net Profit of $150 million

Russia’s largest gold producer, Polyus Gold, has posted a 1H 2009 Net Profit of $150 million under IFRS.

The bottom line is down 6.8% from the $160 million net profit posted for 1H 2008, with EBITDA falling to $218 million against $235 million salesfor 1H 2008 as Revenues fell 12.9% year on year, to $451.9 million.

The financials come on the back of Polyus Gold’s earlier announcement that output fell by 14% for 1H 2009 due to lower quality ores at its Olimpiadinsky mine.

The company has also announced that it will set up a business unit based on the former KazakhGold assets it acquired, with the Kazakh business unit to be integrated into the Polyus Gold management structure by the end of the year.