Norilsk Nickel posts net profit of 50.587 bln rubles in Q1
MOSCOW. April 30 (Interfax) - MMC Norilsk Nickel posted a net profit of 50.587 billion rubles in the first quarter of 2010 under Russian accounting standards, the company said in a statement.
Net profit in the fourth quarter of 2009 equaled 32.391 billion rubles.
The company said profit was a result of a favorable revaluation of financial investment. Norilsk Nickel had net losses of 7.116 billion rubles in Q1 2009. Norilsk Nickel also raised saleable nickel production 1% in Q1 2010. In addition, the company has benefited from higher nickel prices, which rose from $9,500/tonne in January 2009 to $18,440 in January this year.
The company's RAS financials are not consolidated and only include operations at Polar Division and not those at other company operations: Kola MMC, Stillwater (U.S.), assets in Australia and Finland and LionOre (Canada) which was acquired last year.