Polyus Gold posts 1H 2010 net profit of $104.6 million

Russia’s largest gold producer, Polyus Gold, has posted a 1H 2010 net profit of $104.6 million under IFRS.

The bottom line was down 30.3% from the $150 million net profit posted for 1H 2009, despite EBITDA rising 13.6% year on year to $247.5 million, as gold sales jumped 37% year on year to $607.5 million.

The company said the results reflected an increased cost of gold sales and rising general and administrative expenses, coupled with the consolidation of financial results from the loss making KazakhGold group. More positively, the company noted increased gold sales and higher prices.