Polyus Zoloto, which accounts for around 20% of national gold output, said its revenues climbed 55% in the reporting period to $735 million, gross profit was up 53% to $312 million, operating profit gained 78% to $212 million and EBITDA increased 57% to $299 million.
Polyus Gold whose assets include gold deposits in the Krasnoyarsk Territory and the Irkutsk Region in the Siberia, and the Republic of Sakha (Yakutia) and the Magadan Region in the Far East, attributed the profit increase to growth in income from the company's investment activity.
The company's revenues increased as the average selling price of gold grew to an average $604 per troy ounce (by 34%) and gold output and sales volumes expanded in the reporting period, Polyus Gold said.
Polyus Gold, which was established on March 17, 2006, produced 1.2 million troy ounces of gold last year.
