Support The Moscow Times!

Indebted RusAl Revises 2013 Earnings Down by $100M

Loss-making Russian aluminum group United Company RusAl Plc said it has revised down its earnings for 2013 after a review of its share of profits of associates in Norilsk Nickel showed the figure was overstated by $100 million.

RusAl is of the view that a lower profit share in Norilsk Nickel will have an adverse impact on its consolidated financial statements for 2013, the world's biggest aluminum producer said in a filing to the Hong Kong bourse on Thursday morning.

RusAl's 2013 loss has now been revised to $3.322 billion from $3.222 billion and its share of profits of associates should be $84 million instead of $184 million, it said.

Carrying value of the company's investment in Norilsk Nickel, the world's largest nickel and palladium producer, should be $7.801 billion, rather than $7.901 million.

RusAl had reported its full-year net loss for 2013 was at $3.22 billion, versus $528 million loss in 2012.

Lenders have granted RusAl a three-month breather, giving the loss-making firm time to try to hammer out revised terms for $3.7 billion of debt repayments without risk of default.

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.