Polyus Gold posted a 57 percent increase in annual net profit, boosted by strong sales and high gold prices.

Polyus said Monday that its bottom line reached $558 million in 2011, with gold sales jumping 37 percent to a record high $2.3 billion. EBITDA reached $1.1 billion in 2011, up 55 percent year on year, while its total cash costs rose 19 percent to $661 per troy ounce.

Polyus also said its chief executive German Pikhoya was appointed to the board of directors, replacing Yevgeny Ivanov who also stepped down as a president of the company.

(Reuters)