Polyus Gold posts FY 2010 net profit of $356.5 million

Russian gold producer, Polyus Gold, has posted a FY 2010 net profit of $356.5 million under IFRS.

The bottom line is up 91% from the $186.6 million net profit posted for FY 2009, with EBITDA rising 30.6% year on year to $716.6 million, on the back of 42.7% year on year to increase in gold sales to $1.711 billion The Company press says the results reflect higher gold prices and increased sales volumes, coupled with the consolidation of financial results from the KazakhGold group.