Russia’s Polymetal swings to $198 mln IFRS net loss in 2013

MOSCOW, Mar 31 (PRIME) -- Russian silver and gold producer Polymetal International posted a net loss of U.S. $198 million in 2013 against a net profit of $428 million in 2012, as calculated under International Financial Reporting Standards (IFRS), the company said Monday.

The result is below the average analysts’ forecast of a $45.5 million loss.

The company explained the loss by a lower than expected EBITDA, which slumped 36% to $598 million in 2013 due to low commodity prices, non-cash foreign exchange losses and impairment charges.

Polymetal’s revenue fell 8% to $1.707 billion last year.

The company’s board of directors also recommended paying final dividends of $0.08 per share. Total dividend payments for the year will amount to $0.32 per share in 2013, as compared to $0.7 per share in 2012.

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