24 Sep 2009 18:17

Analysts expect Polyus Gold to boost IFRS earnings 15% in H1

MOSCOW. Sept 24 (Interfax) - Analysts from investment companies and banks polled by Interfax have predicted Polyus Gold , Russia's leading gold producer, will boost net profit under International Financial Reporting Standards (IFRS) by 15% to $152.2 million in the first half of 2009 compared to the same period of 2008.

Polyus Gold will release its IFRS results for the first half on September 25.

Uralsib analysts said the company would see sales revenue decline 15% to $440 million in the half due to a reduction in gold production. The analysts said EBITDA (earnings before interest, taxes, depreciation and amortization) would fall 8% to $187 million in the period due to the ruble's weakening and net profit would increase 4% to $138 million as a result of considerable income from investment.

UniCredit Securities analysts said the company would see a record EBITDA margin of 52% and profit margin of 36% in the half.

Polyus Gold reduced gold production 14% to 14.9 tonnes in the first half of 2009. The company still plans to produce 40 tonnes of gold in 2009.