Russia’s Norilsk Nickel Half-Year Profits Down by 63.2%

MOSCOW, August 30 (RIA Novosti) - Russian metals giant Norilsk Nickel reported an IFRS net profit of $545 million in January-June 2013, down 63.2 percent from the same period last year.

The company’s net profit was below the consensus forecast by analysts polled by the Prime news agency who expected the company’s net financial result for the first six months to be $913 million.

Norilsk Nickel said its revenues in the reporting period fell 6.1 percent to 5.565 billion rubles ($167.5 million).

Earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 7.8 percent in the first half of this year to $2.299 billion.