Norilsk earnings slide on weak revenue

Aug 30, 2013 | 01:26 PM | Claire Hack

Tags  Norlisk Nickel, nickel, earnings report, Vladimir Potanin, claire hack

LONDON — MMC Norilsk Nickel posted net income of $554 million for the first half of 2013, down 63 percent from just over $1.5 billion in the same period last year due to a "substantial revenue contraction" and major non-cash write-offs, the company said Aug. 29.

Excluding non-cash write-offs, earnings of $1.2 billion were down 21 percent in the same comparison.

Revenue fell 6.1 percent to just under $5.57 billion from $5.93 billion a year earlier because of weak metal prices and lower sales volumes of nickel and platinum, Norilsk said.....

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