26 Mar 2010 18:06

Polyus Gold posts 1.4 bln rubles Q4 net profit on subsidiary dividends

MOSCOW. March 26 (Interfax) - OJSC Polyus Gold closed the first quarter of 2009 with net profit of 1.439 billion rubles to Russian Accounting Standards (RAS) thanks to the dividends it received from operating subsidiary CJSC Polyus, the company said in materials.

OJSC Polyus Gold is the management company, but does not hold the license to the No. 1 Russian gold producer's fields. Companies run by CJSC Polyus perform the mining operations.

Net profit for Q3 2009 was 309.6 million rubles. Net profit for the nine months ended September 30, 2009 was 1.92 billion rubles, so net profit for the year was 3.359 billion rubles.

Polyus Gold closed 2009 with net losses of 3.711 billion rubles to RAS, compared with profit of 563.032 million rubles in 2007. Q4 2008 net losses were 3.167 billion rubles, compared with profit of 463.309 million rubles in Q3. Polyus Gold has said the Q4 2008 losses were down to the depreciation of securities held in trust.