OREANDA-NEWS. October 04, 2010. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”), released its US GAAP consolidated financial statements, reviewed by independent auditors, for the six months ended June 30, 2010, which are available on the Company’s website at www.polymetal.ru, reported the press-centre of Polymetal.

In 1H 2010 net income jumped almost fivefold to the record USD94.5 million or USD0.26 per share

Increase in adjusted EBITDA by 112% to USD186.9 million outpaced revenue growth of 92% to USD 421.7 million, both largely driven by combination of rising commodity prices and sales volumes

Cash margins expanded as 22% increase in total cash cost per ounce of gold equivalent from USD 442 to USD 541/oz (or USD 99/oz) trailed 25% (or USD 234/oz) jump in average realized gold price  

The company maintained its strong ability to generate stable operating cash flows to fund its aggressive growth program. Cash flow from operations grew by 38% to USD 121.0 million and to a large extent covered capital expenditures of USD 161.3 million.

“Our financial performance in the first six months of 2010 was excellent,” said Vitaly Nesis, CEO of Polymetal, commenting on the results. “We are reaping the rewards for disciplined expansion and relentless cost control”.