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MOSCOW (Scrap Monster): Russia's largest gold producer Polyus Gold said that its net profit rose sharply by 106% year-on-year to $425.9 million in the first half of this year due to increased sales volumes and higher gold price.

That was above a consensus forecast of $372 million from analysts polled by RIA Novosti. The company's revenue rose 36 percent in the first six months of this year to $1.224 billion with EBITDA growing 59% in the reporting period to $634.3 million.

Polyus Gold's gold production rose 18% in the first half of 2012 to 721,000 ounces after the company built up production at the Olimpiada and Blagodatnoye gold mines in the Krasnoyarsk Territory in East Siberia and the Kuranakh gold mine in Yakutia in the northeast.