Norilsk Nickel posts 60% rise in IFRS net profit in 1H07

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MOSCOW, October 5 (RIA Novosti) - Norilsk Nickel [RTS: GMKN] said Friday its net profit calculated to International Financial Reporting Standards (IFRS) increased 60%, year-on-year, in the first half of 2007 to $3.81 billion.

Norilsk Nickel, the leading mining and metals company in Russia and one of the world's largest producers of nickel, palladium, platinum and copper, said its revenues from metal sales grew 80% to $7.65 billion, operating profit climbed 130% to $5.02 billion, gross profit was up 110% to $5.84 billion and pre-tax profit increased 170% to $5.07 billion in the reporting period.

The metals giant attributed its revenue growth to higher metal prices, and also to the acquisition of Harjavalta Nickel Oy and Cawse Proprietary Limited (ex-OM Group nickel business subsidiaries) in the reporting period.

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