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Polyus Gold, Russia's largest gold mining company, said on Thursday
Polyus Gold, Russia's largest gold mining company, said on Thursday its net profit calculated to International Financial Reporting Standards declined 35% year-on-year in 2008 to $60.4 million.

Revenues in the reporting period increased 25% to $1.1 billion, the gold mining company said.

Gross profit from the sale of gold grew 26% to $504 million, earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 32% to $436.5 million and operating profit grew 200% to $347.2 million.

Polyus Gold attributed its net profit drop in the reporting period to the increased cost of raw materials, the depreciation of investment in securities and the ruble's considerable devaluation against the U.S. dollar.

Headquartered in Moscow, Polyus Gold's operating mines and development and exploration projects are located in five major gold mining regions in Russia - the Krasnoyarsk Territory, the Irkutsk Region (both in East Siberia), the Far Eastern Magadan and Amur Regions and the Republic of Sakha (Yakutia) in northeast Russia.

Polyus Gold, which employs over 12,500 people, produced 38 metric tons (1.2 million ounces) of gold in 2008.


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