Norilsk Nickel 2010 net profit up 17 pct to $3 bln

Russia’s largest nickel miner Norilsk Nickel saw 2010 net profits rise 17 percent to $3.1 billion to IFRS, the company said in a statement on Friday.

Annual sales revenue increased by 50 percent in 2010 to $12.775 billion.

“A favorable situation on the metals market in 2010 led to an increase in sales prices and therefore revenues from base metals by $3.004 billion (or 47 percent) and from precious metals by $1.047 billion (or 62 percent),”  the company said.

Gross profit for the year rose 81 percent to $7.892 billion, and operating profit by 84 percent to $6.552 billion.

Norilsk Nickel’s profit before tax rose 105 percent to $6.782 billion, the firm said.

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