Norilsk Nickel posts 1H 2010 Net Profit of $2.3 billion

Major Russian metals producer, Norilsk Nikel, has posted a 1H 2010 Net Profit of $2.3 billion under IFRS.

The bottom line jumped 434 % from the 1H 2009 Net Result of $439 million, with adjusted EBITDA increasing 141% year on year to $3.8 billion on the back of total revenues rising 68% to $6.8 billion from $4 billion a year earlier.

In an accompanying statement the Company attributed its higher revenues to metal sales, rising 78% year on year to reach $6.8 billion, with all metals, except copper, showing volumes growth and rising prices.