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19 Sep 2012 Last updated at 08:24:29 GMT

Russia's Highland Gold net profit declines

Tags : Highland Gold, LON:HGM, Gold, Gold production
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MOSCOW (BullionStreet): AIM listed gold mining company, Highland Gold Mining (LON:HGM) has reported a decrease in first half net profit to $45 million from $70.3 million a year ago due to a higher cost of sales.

The company decreased its earnings before interest, taxes, depreciation and amortisation (EBITDA) by 25.4% to $65.7 million compared to $88.1 million a year ago.

Its's revenue has seen a 2.1% rise to $161.5 million compared to $158.1 million for the period.

The firm, which produces gold at its Belaya Gora, Mnogovershinnoye and Novoshirokinskoye mines in Russia, said gold production increased to 101,900 ounces from 93,057 ounces. Gold sales fell to 102,036 ounces versus 104,911 ounces.

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