Petropavlovsk posts FY 2010 net income of $22.971 million

Russian gold miner, Petropavlovsk, has posted a FY 2010 net income of $22.971 million under IFRS.

The net result compares with a FY 2009 net income of $ 144.784 million, with underlying EBITDA falling 5% year on year to $229 million, despite FY 2010 group revenues rising 30% year on year to $612 million.Petropavlovsk said the 30% increase in revenues reflected a 29% increase in average gold prices, coupled with a 1.7% increase in production, offset by an 84% increase in total cash costs for hard rock assets and $25.7 million of exceptional items.The company noted a 4% year on year increase in attributable gold production with the commissioning of the Malomir mine in August 2010 and the commissioning of its Albyn mine expected during 4Q this year.