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Polyus profit plummets 51% YOY in Q1 on noncash items

PJSC Polyus' profit for the first quarter plummeted 51% year over year to US$244 million, or US$1.80 per share, according to a May 30 earnings release.

The results were impacted by a lower gain on investments and revaluation of derivative financial instruments, totaling US$6 million in the quarter compared to US$108 million a year ago, and a lower foreign exchange gain, at US$16 million compared to US$190 million in the first quarter of 2017.

Revenue in the three months improved 1% on a yearly basis to US$617 million as higher realized gold prices were offset by lower sales volumes. Operating profit inched up 1% year over year to US$332 million.

Gold production increased 13% on a yearly basis to 506,500 ounces. All-in sustaining costs climbed 17% year over year to US$684 per ounce sold.

Capex in the quarter increased 39% year over year to US$182 million. Polyus secured a bilateral credit facility earlier this the week of US$70 million with ING bank that is due for repayment in 2023.

In late April, the Russian gold miner recommended a dividend of 147.12 Russian rubles per share for the second half of 2017.

As of May 29, US$1 was equivalent to 62.57 Russian rubles.