Polymetal International plc (POLY.L) said its 2012 net earnings climbed 38% to $401 million, from $290 million a year before, driven by the strong rise in adjusted EBITDA. The company said net profit was negatively affected by additional tax provisions booked in respect of prior years and 2012 in the amount of $ 116 million, which are not expected to be recurring. On a per share basis, annual earnings stood at $1.03, up from $0.74 last year.
Pre-tax profit of $617.37 million for the period, was higher than $408.85 million in the earlier year period.
Revenue for the year went up 40% to $1.85 billion, from the prior year's $1.33 billion in 2011, driven mostly by a 33% growth in gold equivalent sold. In addition to robust production growth, 2012 metal sales exceeded production for both gold and silver chiefly due to destockpiling of concentrate inventories at Dukat.
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