Norilsk Nickel’s 2011 Net Profit Rises 17% to $3.63 Bln

Russia’s largest nickel producer, Norilsk Nickel, saw its 2011 net profit increase 17.4 percent year-on-year to $3.626 billion to IFRS, the firm said in a statement late on Wednesday.

Norilsk’s full year net result was below a consensus forecast of analysts polled by RIA Novosti of $4.667 billion.

The company’s adjusted EBITDA went up 0.4 percent year on year to $7.239 billion, with full year revenue rising to $14.122 billion, up 10.5 percent year on year with “an increase in market prices for precious and base metals,” providing a top line fillip for Norilsk, which also ranks as one of the world’s major platinum and palladium producers, and is a significant gold producer.

The company’s nickel production slipped 0.8 percent in 2011 to 295,100 tons compared with 2010 and copper production fell 2.8 percent to 377,900 tons.


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