Norilsk Nickel consolidated profit grows 11.6% in six months

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MOSCOW, October 6 (RIA Novosti) - Norilsk Nickel, the world's biggest producer of palladium and nickel, announced Thursday that its consolidated net profit hit $974 million in the first half of 2005, up 11.6% on January-June 2004, the company's press service said Thursday.

Revenue from metal sales aggregated $3.442 billion, a 5% growth. The significant growth of prices of non-ferrous and precious metals, except palladium, was a key reason for the revenue increase.

The company's long-term and short-term liabilities were $1.541 billion and $1.322 billion on June 30, 2005, against last year's $1.078 billion and $2.265 billion.

Norilsk Nickel is the seventh largest company in Russia, accounting for 1.9% of the country's GDP, 2.8% of the industrial output and 4.3% of exports. It produces 20% of world's nickel, 10% of cobalt and 3% of copper.

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