December 03, 2008

Norilsk H1 net profit zooms up by 31 times YoY

RIA Novosti reported that Norilsk Nickel net profit calculated to Russian Accounting Standards was RUB 77.947 billion (USD 3 billion) in January to June 2007 up by 31 times from RUB 2.494 billion (USD 98 million) in January to June 2006.

In April to June quarter, the net profit was RUB 43.286 billion (USD 1.7 billion) up by 24.8% QoQ from RUB 34.679 billion (USD 1.36 billion).

Norilsk attributed the surge in profits to increased prices for its products nickel, cobalt, and copper.