Analysts predicts decline in profits in Polyus Gold at year-end 2013
Edited by Rhod Mackenzie / 2014-03-25 05:05:37
The net profit of Polyus Gold International Ltd, the Russian largest gold producer, may be only $100 million in 2013 (10 times less than in 2012). Analysts say, explaining it by nonmonetary deductions and the reduction of prices on gold. The decline of the revenue is expected to make up 12%, to $2.3 billion, EBITDA will go down by 37% to $870 million.
The net loss of Polyus Gold under IAS made up $173 million because of write offs in H1, 2013 against the income in 2012. It was due to devaluation of assets by $469 million amidst gold prices reduction. According to analysts, the net profit of the company in H2, 2013 will make up $25-300 million. Analysts do not anticipate writing offs in H2, 2013.
