Support The Moscow Times!

Norilsk H1 Profit Down 23%

Norilsk Nickel, the world's largest miner of the metal, said first-half profit fell 23 percent as it booked a one-time loss from the sale of power utility OGK-3.

Net income dropped to $1.79 billion from $2.33 billion a year earlier, the Moscow-based company said Friday in a statement. Revenue rose 24 percent to $7.3 billion, with nickel sales making up half that amount.

In March, Norilsk completed the sale of its 79 percent holding in OGK-3 to state-controlled utility Inter RAO UES. Inter RAO had agreed in December to swap $2.27 billion of its stock for the stake in OGK-3, which owns six thermal power plants in Russia. Norilsk posted a $560 million loss on discontinued operations related to the disposal of OGK-3, it said.

Palladium sales rose the most in the first half, advancing 62 percent, according to the statement. Earnings before interest, tax, depreciation and amortization increased 15 percent to $3.74 billion. Sales and distribution costs tripled to $385 million as export duties climbed. Administrative costs gained 22 percent to $368 million.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.