MOSCOW, April 29 (RIA Novosti) - Polyus Gold [RTS: PLZL], Russia's top gold producer, said on Tuesday its net losses calculated to Russian Accounting Standards reached 610.7 million rubles ($25.9 million) in the first quarter of 2008.

The company said a drop in share prices (portfolio revaluation) accounted for the losses.

In January-March 2007, the company saw a net loss of 282 million rubles.

The company's gold output in 2007 reached 37.8 metric tons (1.3 million troy ounces). Gold production in 2006 was 1.2 million troy ounces.