Polyus Gold posts FY 2009 net profit of $323.18 million

Russia’s largest gold producer, Polyus Gold, has posted a FY 2009 net profit of $323.18 million under US GAAP.

The bottom line shows a five fold increase on the FY 2008 net profit of $60.36 million, with FY 2009 EBITDA rising 25% to $548.57 million, on the back of a 12% year on year increase in sales to $1.199 billion.

The company said the results reflected increased gold sales and higher global gold prices over the reporting period, coupled with falling costs – particularly labour and fuel costs. Polyus added that its production outlook had been boosted by the acquisition of a controlling stake in KazakhGold, and has no significant debts.