Norilsk Nickel sees RAS earnings fall 3% in Q1
MOSCOW. May 2 (Interfax) - MMC Norilsk Nickel saw its net profit to Russian Accounting Standards (RAS) fall 32.7% year-on-year in Q1 2012 to 23.066 billion rubles, the Arctic mining and smelting giant said in materials.
The RAS earnings are not consolidated and only apply to the company's Polar Division.
Sales revenue to RAS fell 20.2% year-on-year to 65.245 billion rubles.
Norilsk Nickel financial highlights in Q1 2012 ('000 rubles):
| Q1 2012 | Q1 2011 | Change, % | |
| Sales revenue | 65 245 355 | 81 781 983 | - 20,2 |
| Of which from sale of metals and their products | 62 267 499 | 79 949 215 | - 22,1 |
| Cost of sales | 23 577 970 | 21 828 224 | 8 |
| Of which from sale of metals and their products | 20 805 435 | 20 115 196 | 3,4 |
| Gross profit | 41 667 385 | 59 953 759 | - 30,5 |
| Operating profit | 36 719 349 | 55 009 223 | - 33,2 |
| Pretax profit | 30 279 417 | 35 771 075 | - 15,3 |
| Net profit | 23 066 449 | 34 290 804 | - 32,7 |
The price environment for copper and nickel was not as good in Q1 2012. The Russian Economic Development Ministry has said that average nickel prices were 27% lower than a year ago at $19,660 a tonne compared with $26,900, and copper was $8,300, or down 14% from $9,650.
Norilsk Nickel did not say why financial results declined. It said only that these were non-consolidated results.
The cash position was 18.783 billion rubles as of April 1, compared with 5.897 billion rubles on January 1, and accounts payable grew 17% to 15.982 billion rubles.
