Norilsk Nickel boosts Q1 RAS sales revenues 41%
MOSCOW. May 14 (Interfax) - Norilsk Nickel increased sales revenues 40.9% year-on-year to 59.566 billion rubles in the first quarter of this year, as calculated to Russian Accounting Standards (RAS), the company reported.
This RAS report is non-consolidated and accounts only for the activities of the company's Polar division. It does not include other company assets such as Kola division, stake in Stillwater (United States), assets in Australia, Finland, or those purchased last year from Canada's LionOre.
Revenue from the sale of metals and manufactures during the period came to 58.204 billion rubles (40.951 billion rubles in Jan-March 2009).
Q1 net profit was 50.586 billion rubles this year. Norilsk Nickel wrapped up Q1 2009 with 7.115 billion rubles in net losses. Net profit was 32.39 billion rubles in Q4 2009, the company said a revaluation of financial investment drove the growth in Q1, 2010.
Revenue grew on the back of higher metal prices: nickel averaged up from $14,700 a tonne in 2009 to $20,078 a tonne in Q1 2010. Sales volume and the exchange rate also impacted revenue.
Norilsk Nickel financial highlights in Q1 2010 ('000 rubles):
| Q1 2010 | Q1 2009 | |
| Sales revenue | 59 566 857 | 42 262 972 |
| - of which from metal sales | 58 204 347 | 40 941 816 |
| Cost of sold goods | 18 831 487 | 21 572 412 |
| - of which metals | 17 545 768 | 20 333 522 |
| Gross profit | 40 735 370 | 20 690 560 |
| Pretax profit (loss) | 58 439 230 | (9 302 383) |
| Net profit (loss) | 50 586 897 | (7 115 762) |
Norilsk Nickel raised saleable nickel output 1% in Q1 2010 to 70,000 tonnes. Palladium production grew 17% to 690,000 ounces and platinum was up 14% to 160,000 oz. Overall saleable copper production in the first quarter of 2010 totaled 97,000 tonnes, up 1% from 96,000 tonnes in the same period of 2009.