0% Norilsk profit down 84 pct
Reuters | Mon, 19 Oct 2009 09:59[miningmx.com] -- Norilsk Nickel, the world's largest nickel and palladium miner, said on Monday first half profit fell sharply, mainly due to low metals prices, but beat forecasts. Net profit attributable to shareholders fell 84 percent year on year to $419 million, above an average Reuters poll estimate of $349 million. Norilsk shares rose 2.4 percent after the figures were published, outperforming a 1.1 percent increase on the MICEX index. Norilsk said first-half revenues fell 51 percent to $4.08 billion, in line with analysts' expectations of $4.11 billion. Metals sales revenues fell 54 percent to $3.29 billion mostly due to commodity market prices being lower than in the previous year, Norilsk said in a statement. Revenue from non-mining operations decreased by 28 percent to $789 million, of which $554 million was attributable to majority owned electricity producer OGK-3. The decline in revenue from other sales was mainly due to the appreciation of the dollar against the rouble, in which Norilsk's Russian operations are denominated. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased to $1.40 billion, above the Reuters poll average of $1.13 billion. In the first six months of 2008 EBITDA was $4.33 billion. The adjusted EBITDA margin fell to 34 percent from 52 percent.
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