28 Apr 2010 14:02

Buryatzoloto RAS net profits soar 70% in Q1 from Q4

MOSCOW. April 28 (Interfax) - Buryatzoloto turned net profits of 406.655 million rubles to Russian Accounting Standards (RAS) in the first quarter, a 70% increase from 311.634 million rubles net losses in the preceding quarter, a company statement says.

The reason for the profit surge, the company said, was the write-off of under-accrued amortization of intangible assets to the tune of 123.877 million rubles and the accumulation of provisions for loan-impairment of 544.377 million rubles.

Buryatzoloto works the Zun Holda and Irokinda vein gold deposits in Buryatia's Novofirsov ore field in Altai territory. The company has a geological prospecting subdivision called Buryatgeologorazvedka.

High River Gold, controlled by Severstal , owns 84.9% of the Buryatzoloto stock. Severstal Resource is the raw materials division of Alexei Mordashov's Severstal group, encompassing iron ore, coking coal and gold extraction assets.