Bloomberg News

Polyus Gold Drops in U.S. Trading as 2011 Profit Trails Forecast

January 31, 2012

Jan. 30 (Bloomberg) -- Polyus Gold International Ltd., Russia’s largest producer of the metal, fell the most in two weeks in U.S. trading after reporting that 2011 earnings lagged behind analysts’ predictions.

Polyus’s American depositary receipts fell 3.9 percent to $3.18 by 11:15 a.m. in New York, after earlier dropping as much as 4.8 percent, the steepest intraday decline since Jan. 17. The miner was the worst performer on the Bloomberg Russia-US 14 Index of Russian companies traded in New York, which slid 1.7 percent.

Earnings before interest, tax, depreciation and amortization rose to about $1.04 billion to $1.06 billion last year from $717 million in 2010, Polyus said today in a preliminary results statement. That was below the $1.15 billion average estimate of 13 analysts surveyed by Bloomberg.

--With assistance from Ilya Khrennikov in Moscow. Editors: Richard Richtmyer, Emma O’Brien

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net


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