MOSCOW, June 10 (RIA Novosti) - Russia's metals giant Norilsk Nickel said on Tuesday its net income calculated to International Financial Reporting Standards (IFRS) declined 11.6%, year-on-year, in 2007 to $5.28 billion.

The company's IFRS net income in 2006 stood at $5.97 billion.

Revenues in the reporting period grew almost 44% to $17.1 billion, gross profit was up 33.5% to $11.24 billion and profit from operations climbed 5% to $7.43 billion, Norilsk Nickel said.

Norilsk Nickel accounts for over 20% of global nickel output, more than 10% of cobalt production and 3% of copper.

The company's share on the Russian nickel market stands at around 96%. It accounts for 55% of domestic nickel production and produces 95% of Russia's cobalt.