Norilsk Profit Down 63%
- Aug. 30 2013 00:00
- Last edited 19:37
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.