Gold miner Petropavlovsk’s 2010 net profit plummets 84%

MOSCOW, March 31 (RIA Novosti) – Russian gold miner Petropavlovsk Group posted an 84.1% drop in its 2010 IFRS net profit to $22.97 million, Petropavlovsk said on Thursday.

Petropavlovsk’s 2010 revenues grew 30% to $612 million, the company said in a statement.

EBITDA fell 10% to $205 million, while net debt as of the end of 2010 totaled $171.1 million.

The board has recommended a $21.2 million dividend on 2010 results for the annual general meeting scheduled for May 19.

Gold output increased 4% to 506,800 ounces, while sales edged up 2% to 445,300 ounces.

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