Norilsk Nickel posts drop in net profit

Moscow, Oct 03, 2008 (RosBusinessConsulting via COMTEX) -- NLKNY | Quote | Chart | News | PowerRating -- The net profit of Norilsk Nickel under IFRS shrank 33 percent to $2.682m in the first half of 2008 compared to the same period of the previous year, the Russian mining and metallurgical company reported today. Revenue rose 5.4 percent to $8.311bn. Meanwhile, revenue from the sale of metals stood at $7.210bn (down 6 percent from H1 2007). Nickel sales dropped 25 percent to $3.922bn, while copper sales climbed 35 percent to $1.588bn. At the same time, revenue from the company's business unrelated to mining or metallurgy soared five times, to $1.101bn, primarily thanks to the consolidation of the OGK-3 financial results, starting from August 7, 2007. Gross profit dropped 22 percent to $4.571bn, and operating profit decreased 33 percent to $3.355bn.

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