Norilsk Profit Down 63%

By Reuters

Aug. 30, 2013

Norilsk Nickel, the world's top nickel and palladium miner, said Thursday that first-half net profit fell 63 percent, year-on-year, due to write-offs mainly related to its investment in energy group InterRao.

Norilsk's six-month earnings fell to $545 million, impacted by $636 million of non-cash write-offs. Profit excluding the write-offs amounted to $1.2 billion, in line with analyst forecasts.

First-half revenue fell 6 percent to $5.6 billion, while earnings before interest, taxation, depreciation and amortization (EBITDA) were down 8 percent at $2.3 billion, Norilsk said in a statement.

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