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. Last Updated: 07/27/2016

Norilsk's 2000 Profits $1.7Bln

Metals giant Norilsk Nickel said Thursday that net profits rose to 61 billion rubles ($2 billion) in 2000 from 31.5 billion rubles in 1999.

The company said in a statement that consolidated profit from sales had risen to 85.8 billion rubles, which was 70 percent higher than in 1999. Sales revenue in 2000 touched 134.6 billion rubles, or 90 percent higher than the previous year.

The figures, calculated according to Russian accounting standards, would give net profits of $1.7 billion if measured by international accounting standards, and are in line with earlier forecasts.

"Overall, companies that are part of the RAO Norilsk Nickel holding benefited from favorable prices for metals on world markets," the statement said.

Norilsk, however, noted that the relative strength of the ruble throughout 2000 had contributed to higher costs in dollar terms.

It also said that 2000 output of platinum group metals had risen by 10 percent compared with 1999 levels.

Nickel output rose 4.9 percent, copper 10.3 percent, cobalt 6.5 percent. The portion of precious metals in overall output rose to 45.5 percent from 37.5 percent the previous year, the company said.

Last year it made 9.8 billion rubles worth of capital investments in production, three times higher than in 1999.

Norilsk produces two-thirds of the world's supply of palladium and one-third of platinum. It exports 90 percent of output.