MOSCOW, August 28 (RIA Novosti) – Russian precious metals giant Polymetal posted a first half 2013 net loss of $255 million under IFRS, compared to a $157 million net profit in the same period last year, the company said Wednesday.
First half revenues fell 6 percent year-on-year to $721 million on lower gold and silver prices, despite increased volumes of gold sales, the company said in an IFRS financial report posted on its website Wednesday.
Adjusted EBITDA for the six month period was down 38 percent year-on-year to $239 million, the report said.
The Polymetal International holding company was one of the first Russian firms to list on the UK blue-chip FTSE 100 Index in 2011, but was deleted in June 2013 as it no longer qualified for inclusion.
Polymetal operates gold and silver mines in the Russian Federation and Kazakhstan, and also produces some copper.