Russia's Polymetal reports USD149m profit in H1 

(MENAFN) Russian miner Polymetal posted a 2 percent decline in half-yearly profits on non-cash forex losses, Reuters reported.

The company, which specializes in extracting precious metals, said it made USD149 million net profit in the first six months of 2012 compared to a year earlier.

Polymetal attributed the weaker results to a USD60 million in non-cash foreign exchange loss.

The company, which is controlled by Russian businessmen Alexander Nesis and Alexander Mamut alongside Czech private equity investor PPF, also reported a 41 percent jump in first-half sales to USD767 million.

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 53 percent to USD380 million.