Polyus Gold posts FY 2008 Net Profit of $60.36 million.

Russia’s largest gold producer, Polyus Gold, has posted a FY 2008 Net profit of $60.36 million under IFRS.

The bottom line is a 34% drop from the FY 2007 Net Profit of $91.8 million, with FY 2008 EBITDA rising 32% year on year to $436.47 million, on the back of a 25% increase in gold sales to $1.062 billion.

Polyus said the result reflected volatile gold prices over 2008, with production little changed, combined with the company’s policy of not hedging production with forward sales. The downside was a 24% increase in the costs of gold sales, with labour costs up 44% and consumables costs up 9% over the year.