Company Vysochaishy, operating under the brand name of GV Gold, experienced a slight decline in its net profit figure in the first nine months of 2010. The company registered a fall in net profits of 0.8 percent on a year-on-year basis to RUR 986.3 million.

At the same time, the company experienced an increase in revenue of 14.6 percent in relation to the results for the first three quarters of 2009. Thus, the revenue stood at RUR 2.516 billion, taking gross profit to RUR 1.615 billion, an increase of 1.4 percent. Higher gold production and sales volumes contributed to the surge in revenue.  

The company’s bottom line figure slid down because of substantial decreases in the “other income categories.” The payment of higher interest on outstanding balances also led to low net profits.

GV Gold operates the Glets Vysochaishy mine in the Irkutsk region, where it has its headquarters. The company is also involved in projects in the Amur region, as well as in the republics of Sakha and Komi.

The company’s shareholders include private individuals that hold 73.3 percent of the stock, as well as Brishurt and the Blackrock Group that control 6.72 percent and 19.99 percent of the company respectively. 

For 2010 GV Gold plans to increase gold production to 4.2 tons. The company’s development program envisions taking the extraction volume to 15.5 tons by 2016.