Russian gold and silver miner Polymetal said on Wednesday it cut its net loss last year to $15.7m from 2007's $22.8m, in spite of the economic crisis.
"Financial results for 2008 demonstrate excellent fundamentals of our business in the face of the global financial crisis," Vitaly Nesis, CEO of Polymetal, said in a statement.
"Significant improvement in operating profitability and competitive cost position will definitely allow us to proceed with the aggressive expansion programme and capitalise on the re-emergence of gold as the safe-haven investment of choice."
Earnings before interest, taxation, amortisation and depreciation (EBITDA) rose by 161% to $192.6m, the statement said. Revenues rose by 63% to $502.7m.
Revenues rose due to an increase in gold and silver sales and a rise in the realised metal prices, Polymetal said.
Polymetal produced 285,000oz of gold in 2008, which is equal to some 5% of total Russian output, and 17.2 million ounces of silver.
The company's net debt stood at $312.3m at the end of 2008, up 41% from a year earlier.
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