MOSCOW, Sept 18 (Reuters) - Russian gold miner Highland Gold said on Wednesday first-half net profit fell by almost65 percent year on year to $17 million due to a steep fall inthe gold price.
Gold, which has seen its sharpest drop in price in ageneration, currently trades around $1,300 an ounce, comparedwith a record peak of over $1,920 two years ago.
The company, partly owned by oligarch Roman Abramovich, saidit would cut its interim dividend by almost 50 percent to 2.5pence ($0.04) per share.
Revenue was little changed compared with the first half of2012, at $157 million, Highland Gold said, generating earningsbefore interest, tax, depreciation and amortisation of $63million, down 11.5 percent year on year.
"The company practices a 'no hedge' policy and metal pricefluctuations will continue to affect the Group's profits in thefuture," Eugene Shvidler, Highland Gold's non-executivechairman, said in a statement.
