Polyus 2Q Profit Rose on Higher Gold Sales

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

August 24, 2021 02:49 ET (06:49 GMT)

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