OREANDA-NEWS. On October 01, 2007 JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”), released its US GAAP consolidated financial statements, reviewed by independent accountants, for the six months ended June 30, 2007, reported the press-centre of JSC “Polymetal”.

“Financial results for the first 6 months of 2007 are unimpressive due to worse-than-expected production in the first quarter and deliveries into silver forward contracts at below-market prices,” said Vitaly Nesis, CEO of Polymetal, commenting on the results. “We expect profitability to improve in the second half of 2007 as production increases, while 2008 should see both revenues and profits increasing sharply as we start selling silver at market prices”.

Full report see here: http://en.polymetal.ru/news_center/company_news/2183