24 Jul 2009 12:00

Polyus Gold posts net profit of 1.4 bln rubles in Q2 due to dividends from subsidiary

MOSCOW. July 23 (Interfax) - Polyus Gold , Russia's leading gold producer, boosted net profit under Russian accounting standards (RAS) by 480% to 1.373 billion rubles in the second quarter of 2009 from 237,288 rubles in the first quarter, the company said in a statement.

"The increase in net profit was the result of dividend payments received from [subsidiary] CJSC Polyus for 2008," the statement says.

OJSC Polyus Gold is the management company and does not have any licenses. Subsidiaries controlled by CJSC Polyus handle production.

Polyus Gold ended 2008 with RAS net losses of 3.711 billion rubles compared to net profit of 563.032 million rubles in 2007. The company posted losses of 3.167 billion rubles in the fourth quarter of 2008 versus net profit of 463.309 million rubles in the third quarter. The company said the losses could be attributed to a decline in the value of securities held in trusteeship.