Russia Polymetal 2010 net income more than doubles

MOSCOW: Russian precious metals miner Polymetal said on Thursday its net income more than doubled to $250 million in 2010, thanks to a 43 percent increase in gold output, as well as rising gold and silver prices.

Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in 2010 grew by 77 percent to $429 million driven by a 65 percent increase in revenue, while adjusted EBITDA margin expanded to 46 percent from 43 percent in 2009.