Lenzoloto net profit down 13.8% in 2012
IRKUTSK. April 3 (Interfax) - Polyus Gold's Lenzoloto subsidiary saw net profit decline 13.8% to 2.898 billion rubles in 2012 under international financial reporting standards (IFRS), the company said in its earnings report.
Revenue rose 8.5% to 11.676 billion rubles, including revenue from sales of gold, up 9.8% to 11.304 billion rubles.
Gross profit declined 11% to 4.224 billion rubles, profit from operations fell 15.4% to 3.467 billion rubles and pretax profit was down 12.7% to 3.666 billion rubles.
Earnings per share (basic and diluted) declined 16.5% to 1,831 rubles, down from 2,194 rubles in 2011
Lenzoloto produces alluvial gold in the Irkutsk region via a subsidiary, CJSC Gold Mining Company Lenzoloto. The company owns 44 licenses to produce alluvial gold, with total B+C1+C2 balance sheet reserves of over 14 tonnes. Gold Mining Company Lenzoloto owns 45 licenses.
In February 2013, Mikhail Prokhorov's Onexim sold 37.78% of Polyus Gold for $3.6 billion to firms controlled by State Duma deputy Zelikhman Mutsoyev and former Wimm-Bill-Dann Foods (WDB) owner Gavriil Yushvayev.
