30 Apr 2015 17:37

Norilsk Nickel boosts Q1 RAS earnings 4.7-fold to 55 bln rubles

MOSCOW. April 30 (Interfax) - MMC Norilsk Nickel boosted net profit to Russian Accounting Standards (RAS) 4.7-fold year-on-year in Q1 2014 to 55.087 billion rubles, the Arctic mining and smelting giant said in a report.

Sales revenue grew 1.8-fold to 116.168 billion rubles and gross profit rose 2.3-fold to 86.854 billion rubles.

The results to RAS are for the company's Polar Division only, and do not include its Kola Mining or overseas assets.

Norilsk Nickel financial highlights to RAS ('000 rubles):

	Q1 2015	Q1 2014	Change
Revenue	116 168 780	63 289 471	83,5%
incl. revenue from sales of metals, metal goods	113 430 810	60 795 126	86,6%
Cost of sales	29 314 672	25 605 331	14,5%
incl. of metals, metal goods	26 424 096	23 303 099	13,4%
Gross profit	86 854 108	37 684 140	130,5%
Operating profit	79 984 601	31 819 521	151,4%
Profit before tax	68 259 713	15 396 961	+4.4-fold
Net profit	55 087 934	11 663 772	+4.7-fold

Norilsk Nickel edged nickel and copper production down in Q1 to 67,437 tonnes and 89,563 tonnes, respectively. Palladium production grew 4% to 631,000 oz and platinum rose 11% to 164,000 oz.