Polymetal International Plc (POLY.L) reported Monday a significantly higher annual profit, as sales climbed 40 percent with strong increases in gold and silver production. The company also hiked its final dividend by 55 percent.
Profit increased to $394.35 million or $1.03 per share from $289.32 million or $0.74 per share in the previous year.
According to the company, net earnings were hurt by $116 million in additional tax provisions booked in respect of prior years and 2012, which are not expected to be recurring.
Profit before tax increased 51 percent to $617.37 million.
Revenue increased to $1.85 billion from $1.33 billion, driven mostly by a 33 percent increase in gold equivalents sold. However, cash costs were nearly unchanged at $703 per GE oz.
Total gold equivalent production climbed 31 percent to 1,063 Koz and exceeded the original guidance by 6 percent. The increase was driven by stable performance at all mature mines, with a notable improvement achieved at Dukat, and a successful ramp-up at Omolon and Albazino.
Annual gold production increased 33 percent to 589 Koz and silver production also climbed 33 percent to 26.5 Moz.
Apart from robust production growth, metal sales exceeded production for both gold and silver, mainly due to destockpiling of concentrate inventories at Dukat.
Polymetal said it is on track to deliver its production guidance of 1.2 Moz of gold equivalent for 2013. An off-take agreement has been signed for Albazino concentrate and the Mayskoye concentrator is approaching commissioning in April as per schedule.
The company proposed a final dividend of 31 cents per share, compared to 20 cents per share last year, giving a total expected dividend of $119 million, up from $76.5 million in 2011. POLY.L is currently trading at 862.70 pence, up 24.70 pence or 2.95 percent.
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