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. Last Updated: 07/27/2016

Polyus Gold H1 Profit Hit by Lower Output

The country's top gold miner, Polyus Gold, said first-half net profit fell 6.8 percent on the back of lower output, although the effect on revenues was mitigated by the rising price of gold.

The net profit figure of $150 million was slightly above a Reuters poll of six analysts carried out on Thursday, which showed a consensus of $144 million.

Polyus' revenues, which fell by 12.9 percent to $452 million, were still slightly above the analysts average estimate of $446 million, it said in a statement.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) were $218 million, down from $235 million a year ago, but above the analysts' average of $196 million, while EBITDA margin rose to 48 percent from 45 percent.

Analysts predicted the indicator to be at 44 percent.

Polyus said that despite a reduction in gold production volumes in the period, of which 40,000 ounces were produced but not refined, it benefited from the rise of the average gold price by 2.4 percent year-on-year and ruble depreciation.

Onexim Group, the investment vehicle of billionaire Mikhail Prokhorov, holds a little under 30 percent in Polyus Gold and associated shareholders another 10 percent.

The other main shareholder is tycoon Suleyman Kerimov, with 37 percent.