MOSCOW, April 8 (RIA Novosti) – Polymetal International, which unites the assets of Russian gold and silver producer Polymetal, posted an IFRS net profit of $401 million for 2012, 39 percent up from the previous year, the firm said on Monday.
That was below a consensus forecast of analysts polled by Prime news agency, who expected a net profit of $425 million for the London-listed firm.
Polymetal’s net profit was “negatively affected by additional tax provisions booked in respect of prior years and 2012 in the amount of $116 million, which are not expected to be recurring,” the company said.
The company’s revenues rose by 40 percent in the reporting period to $1.85 billion “driven mostly by a 33-percent increase in gold equivalent sold.” EBITDA climbed by 47 percent to $918 million and the EBITDA margin was up by 3 percentage points to 50 percent.
The Polymetal board of directors has recommended a final dividend of $0.31 per share for the fiscal year 2012, compared with $0.2 per share in 2011, which represents 30 percent of the company’s net earnings in accordance with its new dividend policy.
“We have demonstrated strong financial performance for the year driven by excellent operational performance and tight cost and capital discipline,” Polymetal CEO Vitaly Nesis was quoted as saying in a statement.
