Polyus gold 2011 net profit rises 57%

Russia's largest gold producer Polyus Gold saw its 2011 net profit jump 57 percent year-on-year to $558 million to IFRS, the company said in a statement on Monday. Revenue grew 37 percent last year to $2.34 billion comparing with 2010. EBITDA rose 55 percent to $1.11 billion. Gold sales increased eight percent to 1.48 million ounces, while the company's capital expenses slipped two percent to $341.13 million. Headquartered in Moscow, Polyus Gold's operating mines and development and exploration projects are located in five major gold mining regions in Russia - the Krasnoyarsk Territory and the Irkutsk Region in Siberia, the Far Eastern Magadan and Amur Regions, and the Republic of Sakha (Yakutia) in East Siberia.