Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Norilsk Profit Down 63%

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.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more