Russia-focused oil and gas company Petropavlovsk booked a modest fall in annual profit after higher sales were offset by one-off expenses. Net profit for the year through December fell 0.8% to $25.7m, down from $25.9m on-year, even as revenue jumped 48% to $741.6m. Revenue was boosted by higher production and gold prices, though the fall in profit owed to higher impairment reversals in 2018, reduced interest capitalisation and impairment of a holding in IRC. For the current year, Petropavlovsk said it was on track to meet its full year output target of 620k-to-720k ounces of gold, based on first-quarter production of 186.2k ounces. 'In 2019 Petropavlovsk made significant steps towards its strategic goals of becoming one of the leading gold producers in Russia and creating shareholder value through modern proven technologies based on our industry-leading research and development capabilities,' chief executive Pavel Maslovskiy said. 'The smooth and efficient ramp up of the POX Hub resulted in a substantial increase in gold production and cash flow from our assets.' 'This significantly strengthened our balance sheet alongside the refinancing of our convertible bonds and IRC loan facilities.'
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