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    Polymetal's 2011 Net Profit Rises 21% to $290 Mln

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    Russian gold and silver miner Polymetal saw its 2011 IFRS net profit grow 21 percent year-on-year to $290 million, the firm said in a statement on Wednesday.

    Russian gold and silver miner Polymetal saw its 2011 IFRS net profit grow 21 percent year-on-year to $290 million, the firm said in a statement on Wednesday.

    That was below a consensus forecast of analysts polled by RIA Novosti who expected a profit of $412 million for the London-listed firm.

    Revenue rose 43 percent last year to $1.326 billion, while diluted earnings per share increased 12 percent to $0.74.

    The company's adjusted EBITDA jumped 47 percent in 2011 to $624 million, while adjusted EBITDA margin rose from 45.9 percent to 47 percent in 2011.

    Net debt went up 12 percent to $879 million and net debt/EBITDA ratio fell 24 percent to 1.41.

    Polymetal's annual gold production last year was almost flat at 443,000 ounces compared with 2010, while gold sales increased two percent to 448,000 ounces. The average 2011 gold price was $1,572 per ounce and the silver price at $35 per ounce.

    "Looking ahead to 2012, we believe that the gold price will stay above $1,500 per ounce, as the key fundamental factors affecting the price are still in place for this year and are supporting the investment demand for gold. For silver, we expect a more modest price performance, with an average level slightly above $30 per ounce," the company said.

    Polymetal's board of directors also approved the first dividend payment ever of $0.20 per ordinary share for the year ended 31 December 2011.

    "The dividend will be paid on June 18, 2012 in pounds sterling, with an option for shareholders to elect to receive the dividend in US dollars, such election to be made not later than the record date of May 18, 2012," Polymetal said.

     

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