30 Jul 2009 13:21

Russia's Uzhuralzoloto sees earnings edge down 1% in H1

CHELYABINSK. July 30 (Interfax) - The Yuzhuralzoloto Group of Companies (UGC), a gold producer from Russia's Chelyabinsk region, reduced net profit under Russian accounting standards (RAS) by 1% to 232.742 million rubles in the first half of 2009 compared to the same period of 2008, the company said in a statement.

Net profit totaled 143.252 million rubles in the second quarter, up 61% from 89.49 million rubles in the first quarter due to an increase in revenue from the sale of precious metals.

The company also said its assets grew 30.85% in value in the second quarter to 2.516 billion rubles as of June 30 due to an increase in stocks and investment.

OJSC Yuzhuralzoloto is the flagship enterprise of the Yuzhuralzoloto Group of Companies (UGC), based in the Chelyabinsk region. UGC was created in summer 2007 with the assets of CJSC Yuzhuralzoloto. The group holds licenses to a number of vein gold deposits, including Kochkarskoye, Svetlinskoye, Bereznyakovskoye, South Kurosan, West Kurosan and the Darasun cluster, located in the Chelyabinsk and Chita regions, Krasnoyarsk territory and Khakasia.

UGOLD Limited owns 99.995% of Yuzhuralzoloto, and Konstantin Strukov, the UGC board chairman, owns 99.98% of UGOLD Limited.