MOSCOW, May 2 (RIA Novosti) - Major global base metals producer Norilsk Nickel posted a net profit, calculated to Russian Accounting Standards (RAS), in the first quarter of 2007, Wednesday at 34.679 billion rubles ($1.35 billion), a huge rise year-on-year from a net loss of 22.634 billion rubles ($881 million) the previous year.
The profit in the first quarter is a 56.92% decline over the previous quarter's 80.493 billion rubles ($3.13 billion) take. The company explained the numbers by the lower output and an internal procedure by which the value of financial assets is re-assessed once a year, in the fourth quarter, and accordingly affects the next quarter's results.
Norilsk Nickel's two main beneficiaries are its former CEO Mikhail Prokhorov and Interros group president Vladimir Potanin.
