Reuters reported that higher gold prices and strong sales pushed Polyus Gold (LSE:POLG) profits up 57%.

As quoted in the market news:

The company said earnings before interest, tax, depreciation and amortisation (EBITDA) reached $1.1 billion in 2011, up 55 percent year-on-year, while its total cash costs rose by 19 percent to $661 per troy ounce.

Click here to read the full Reuters report.