By Jaime Llinares Taboada
Polyus PJSC on Tuesday reported that its profit increased 43% in the second quarter compared with the prior period, reflecting higher gold production.
Polyus, the world's fourth-largest gold miner, made a profit of $643 million in the three months through June up from $450 million in the first quarter--although 6% lower than $684 million in the second quarter of 2020.
Adjusted earnings before interest, taxes, depreciation and amortization rose 22% on quarter, reflecting a 13% increase in production and a 19% increase in gold sales. Realized gold prices strengthened 2% to $1,815 an ounce.
Total cash costs rose 1% to $390 an ounce but remained below full-year guidance. Polyus expects costs to increase in the second half, reflecting inflationary pressures, and reaffirmed its $425-$450 cost guidance.
The Russian miner declared a first-half dividend of 267.48 Russian rubles ($3.61) a share.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
08-24-21 0249ET