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Polyus Profits Fall

Polyus Gold said in a statement on its web site Friday that the cost of producing an ounce jumped as much as 46 percent last year, dragging on profitability.

So-called cash costs rose to $550 to $570 an ounce, from $391 a year earlier. Profit margins shrank even as earnings gained on higher prices for gold. Earnings before interest, taxes, depreciation and amortization climbed as much as 33 percent to $730 million, underperforming a 42 percent gain in sales to $1.7 billion.

(Bloomberg)

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